Don't Nobody Bring Me No Bad News

Hey there,

I know it's been awhile and I have to admit with everything currently going on in the world I did lose my motivation trying to get used to this ‘new norm’ of life but today the strangest thing happened, I had two friends from different parts of my life reach out within a span of 2 hours asking me when my next post was coming and if I was still writing my blog. Now these two people do not know each other and they live on separate coasts of the country in two different time zones so I could only take this as a sign from the universe that I needed to get back on my shit.

I know in my previous post I was talking about budgeting and said that I would continue in the next post but I think with the recent economic uncertainties due to COVID-19  I should at least address the effects that it has had on people financially so I’m going to try and cover the financial good and bad of this pandemic.

Refer back to the title...

Apparently, 2020 did not get the memo because it has surely been a WTF kind of a year and it’s only April! *sigh*😖😩

I don’t think I’ve ever felt the Wicked Witch of the West from the Wiz as much as I do right now.

Unfortunately, bad news has become a major part of a lot of our lives right now. With people losing their jobs, being furloughed, having hours cut, or seeing their retirement fund take a major hit, a lot of us are really going through it. I would suggest making use of resources available to help you through your current situation. USA.gov is a government website that can help you learn how to apply for unemployment benefits, workers’ compensation, welfare or temporary assistance, and other programs and services that can help if you lose your job due to COVID-19 (https://www.usa.gov/unemployment). Also, stay informed of any assistance your state is providing and take advantage of any initiatives being offered as a result of Coronavirus. 

If you haven’t been laid-off or furloughed but have had your check affected due to a change in hours maybe take this time to consider getting a side-hustle to help supplement your income. Food delivery services have ramped up significantly as a result of stay-at-home orders, warehouses, grocery stores, pharmacies, and general merchandise stores have also seen an increase in online and foot traffic pushing them to seek new employees to help keep up with the demand. Now I understand that there are potential health risks due to the heightened exposure to people in these industries so please be sure to take that into consideration when deciding how best to bring in extra money for you and your family. Here are some articles about industries that are currently hiring; they include some of the industries I mentioned above but also some suggestions for industries that allow you to work from home:

• As unemployment spikes, here are the companies that are hiring

• The industries hiring most during the Coronavirus outbreak (plus how to get hired in one now) 

• https://finance.yahoo.com/news/24-major-u-companies-hiring-200430718.html 

In regards to retirement plans and 401Ks they definitely took a hit as the stock market began crashing a couple months ago. I get that this can be unsettling and cause people to panic and want to pull their money out or stop contributing but please don’t make any rushed decisions. Fortunately, we are young enough for our retirement plans to weather this storm; most of us won’t hit retirement age for at least another 30 years so there is no need to panic.

The little ray of light in the dark...😃

Fortunately, it’s not all bad and there have been some initiatives to try to help the economy.  They might not be perfect but in an effort of positivity it is something; and a little help is better than no help at all.

Stimulus Checks

Hopefully if you filed your taxes for 2018 and/or 2019, and are eligible, you have already received your stimulus check. So now what? If you are experiencing any type of financial hardship making sure your bills are paid should be your top priority. But what if you are still receiving a steady income, then what? In this case, I would suggest taking this money to help start or build on your savings. I don’t think I’ll ever stop stressing how important it is to have emergency savings and this money can help give you a jump start or help you get closer to your savings goal. If your savings are already in a good place, then I would suggest using it to make additional payments towards any debts that you have, helping you get one step closer to being debt free. If your savings are in a good place and you don’t have any debt then in the words of Martin “You go girl!” or boy lol. Go ahead and treat yo’ self lol or better yet maybe donate the funds to help others in need.

If you haven’t filed your taxes yet, there is still time to do so. The tax deadline was pushed back to July 15, 2020 as a result of COVID-19, meaning you still have time to file your taxes and get your stimulus check. Don’t leave money on the table. Like, seriously even if you owe and they take a portion of your stimulus check at least what you owe isn’t coming straight out of your pocket. Again, please don’t leave money on the table.

Student Loans

If you have federal student loan debt you may have heard that interest rates on these loans have been reduced to 0% until September 30th; meaning any payment you make between now and then goes directly to the principal on your loan! This will allow you to pay down your debt much faster, so if you are fortunate enough to be in a situation where you are able to continue to make payments or even make additional payments this is the time to do so. 

Personally, I plan to take advantage of the current 0% interest rate by paying off my last student loan by September 30th. This may seem like a huge task but to help keep things in perspective this was already my financial goal for 2020 so it only makes sense for me to use this time to do so. I mean paying 0% interest on a loan is significantly better than the 6.6% I was paying. Maybe this was a way of life throwing me a bone after Elizabeth Warren dropped out of the presidential race crashing my dreams of instant student loan forgiveness (LOL) but I kid.

 I say this though to help keep things in perspective, I don't want anyone to feel like they have to completely pay off their student loans right now especially if it's not something you already planned for financially. Just do what you can at this time and please don’t let this opportunity go to waste because it’s not certain that it will ever come around again. As I always say something even if it’s a little is better than nothing.

But what if you aren’t able to make your payments? If this is the case, don’t fret. All federal student loans have also automatically been placed into forbearance until September 30th; meaning your monthly payments will currently be $0. So if you are currently experiencing financial hardships this is a least one bill that you will not have to worry about for the next five months; hopefully freeing up money that can go to other necessities. 

On that note, I understand with current uncertainties of this pandemic how long will this last, will life ever be “normal” again, stress levels, anxiety, and depression are on the rise which is why we must make our mental health a priority. Please make time to check on your loved ones and if you’re feeling down please reach out to your friends and family. I recently found a podcast called Therapy for Girls (https://therapyforblackgirls.com/) that has been really cathartic for me. This podcast is focused on black women but there are lots of different resources out there more than ever geared towards mental health for minorities both men and women. I know mental health just as finances aren’t openly discussed in the Black community but we have to take care of ourselves mentally maybe now more than ever so please take care of yourself.

Until next time, stay safe and take care!😊