Tip for Managing Cash Flow During COVID-19
Filed under: Finances
I wanted to take a moment in lieu of my normal video to share a pertinent, timely message. As I’m shooting this video, the government is supposed to be announcing the stimulus package – the details of that program will likely be public before you see this video.
Consider Your Cash Flow and Debt Payments
I’m not here to give any sort of wellness advice or anything like that. I’m not a doctor and I don’t work for the CDC, which means that I don’t have business talking about that information. But I do want to share a tip for those of you who are feeling the effects of the current situation. Even if you aren’t sick from COVID-19, everyone is feeling the financial pinch because of the rollercoaster that has been happening in the economy.
Are you affected personally? Or do you know family members, kids, parents, or friends that have been affected by the economic effects from COVID-19 virus? Whether it is income loss or a reduction of income, it’s important to consider how you are managing cash and debt payments. Not only should you consider the current circumstances, but ways that you could potentially be impacted through 2020.
Call Your Creditors
Call your mortgage company, credit card companies, and car finance company to see what options are available for emergency packages. Most companies are offering a couple months of payment relief, which can give you time to get your feet under you again.
If it can help you to off-set the loss of income (or potential loss of income in the future), it can be a prudent move to consider your cash flow right now. Share this message with your family members who might need the same type of relief
If you have any questions or want to run anything by me, don’t hesitate to reach out. I’m always here for you. I hope you are doing well and staying safe out there. Call, text, or email me at (951) 473-0390 or [email protected].