Dealing With an Income Loss?
The spread of COVID-19 has drastically altered the day-to-day routines of many Americans. People are experiencing reduced hours, job loss, or other financial setbacks that cast doubts over their financial future.
If you experience an interruption or loss of income, here are a few steps to stay as financially healthy as possible.
Review your budget and prioritize expenses.
If you don’t have a budget in place already, you can start planning for your monthly expenses by using this worksheet.
Identify all income sources and assets.
Seek sources that may be able to get you through until you can resume working or replace your income.
Review your living expenses.
Identify and eliminate the things you can live without.
Reduce essential expenses as much as you can.
Examples include planning your meals to save money at the grocery store or reducing your electric bill by cutting energy usage.
Look for opportunities to lower your bills.
Work out payment plans with lenders and prioritize your bills.
Additionally, it is often helpful to find out what community programs are available to assist with immediate expenses like groceries.
United Way’s 211 service can connect you to local resources for food, utility assistance, emergency shelter, and other services in your community. Dial 211 on your phone to connect with resources in your area such as food, housing, childcare, utilities, healthcare, and more.
We care about your financial health, and during these times of uncertainty, many people seek financial assistance to make ends meet. As an additional resource for our members, we’ve partnered with GreenPath Financial Wellness to provide you with access to one-on-one financial counseling, debt management services, and financial education tools. Reach out to GreenPath at 1-877-337-3399 or learn more on our website.