The spread of COVID-19 has quickly changed how people work and socialize. This worldwide pandemic has made us rethink everything from how we do our work, to where we go on a regular basis, and even which streaming services we’re going to keep subscribing to. While some things may seem beyond our control, finances don’t have to be one of them. Here are five things you can do to help solidify your finances during COVID-19.
Graysbrook understands the severity of the current situation, and we’re here to help. We’re always willing to work with our clients, and if you’ve been directly impacted by the COVID-19 crisis, we will work with you to find a solution. Please reach out to Curt directly at 506-382-9218 to discuss your situation.
That being said, deferring a mortgage payment with assistance from your lender should not affect your credit score. Some sources note that with this year’s special circumstances , you should keep documentation in case it does. There are other effects of deferring payments, so speak to your lender and find out exactly what it entails.
Ask your service providers for support:
During an unprecedented time like this, many providers are offering solutions to their customers. Make a list of your monthly expenses and then check their websites and social media feeds, and see which providers offer flexible options during COVID-19.
Review your household’s monthly subscriptions:
While everyone needs a source of entertainment, now is a great time to review what services you have and which ones are being used enough to be justified. Many homes have upwards of 4-5 streaming services. If you’re one of them, something might be able to be cut. Every little bit helps.
Check on your investments:
If you’re not retiring soon, keep in mind that markets have a history of bouncing back. In times of market turmoil, its always a good idea to consult your financial advisor.
Consider your tax return:
While working from home can be a hassle, there are tax breaks you may qualify for depending on your situation. Now would be a great time to reach out to your accountant to find out what you might qualify for and what you’ll need to support your expenses.