Financial Tips During the COVID-19 Outbreak
The world is in a economic tumultuous time during the COVID-19 outbreak. Businesses are closing down. People are losing their jobs. Stocks are plummeting. We are in the midst of very uncertain times of when life, and the economy, will be “normal” again.
If you are affected by the COVID-19 outbreak financially, we understand the emotional distress you must be going through, especially if you have bills due.
Our financial experts at Montoya Financial Strategies help people at different stages in their life with the planning of finances and we want to offer some financial advice to people of all ages during this outbreak.
- Apply for unemployment benefits, whether you lost your job permanently or temporarily cannot work due to a ‘stay at home’ order. Every state is different but unemployment can replace about 45 percent of your lost income.
- Call your student loan provider and pause your payments. You may be granted a payment waiver up to 60 days, which can help take some financial burden away from you. If your loan is through a private lender, they may have other options of way to help you through this time.
- If you are worried about not making a mortgage payment, the Federal Housing Finance Agency has instructed mortgage servicers to allow borrowers whose mortgages are owned by Fannie Mae or Freddie Mac to delay payments up to 12 months due to COVID-19. Other mortgage groups representing by banks and other finance companies are also granting suspensions.
- If you are worried about making a rent payment, visit Justshelter.org. This site offers information on local organizations that can provide advice to renters in distress. You can also talk to your landlord if he/she can use forbearance, which would also delay your payments. Some landlords may grant you some leniency on their own if you talk to them.
- Contact your utility providers to see how late they will accept payment.
- If you’ve been laid off, apply for subsidized health insurance through your state.
- If you still have a job, you can still contribute to your 401(k). When the market rises again, you wil get the returns.
- Ally Bank, Bank of America, and many other lenders have allowed borrowers to defer loan payments and many credit unions are offering assistance with loans, debt consolidation and other services. Contact your bank or lender to see your options!
- Now is a good time to refinance your mortgage with low rates, which can also free up some cash for you.
- Talk to a financial advisor to get advice on what to do during and post this coronavirus outbreak – everyone’s situation is different and should be handled differently.
At Montoya Financial, we are a team of financial advisors and planners who have helped people at all financial stages in life to plan for their futures, even during or after an emergency or disaster. The tips we listed above are just a few things we believe can help you get started with your finances during this outbreak. We would be happy to help you with and talk to you about any of the above tips!
Want to Work with a Financial Advisor?
At Montoya Financial Strategies, we help people get control of their finances and plan for their financial futures. A good financial advisor will not recommend options that make you uncomfortable or do not fit with your short-term needs or long-term financial goals. We want to help you through this uncertain time.
Our team at Montoya will help you establish clear and realistic goals for success regardless of what stage in your life you are in. Montoya Financial Strategies has more than 30 years of experience helping clients plan their financial futures! Get started with us today! Click our financial planning page to learn more or call us at 1-800-965-5554