And finally, part 3 of our tips. Who knew there would be so many?
Do not loan money to anyone…no matter how much you love them and how loud their guilt trip is.
Don’t end an annuity early: this will incur penalties. The only way to lose money on a fixed annuity is to withdraw it early. There may also be hidden penalties if you take the “free” 10% yearly withdrawal. Look before you leap!
Be sure you have disability income insurance. If you’re working an essential job and you don’t have this, you need to get it asap.
Be sure you have life insurance (if you have debt and a young family).
Have at least some health care insurance.
You may be able to transfer credit card debt to a 0% card. Cut up the old card(s), though.
With a good credit score, get a 0% card to keep for an emergency.
With a good credit score and home equity, you could qualify for a home equity line of credit. Open one and let it sit idly by. Again, it’s only for emergencies and you must repay it at a later date.
With a good credit score and a lot of home equity, you could qualify for a reverse mortgage. There are requirements and restrictions involved. Please, be very careful to research your options before doing this!
Now that you’re not out socializing, tuck that money into your emergency savings. Or, pay off high interest credit card debt. Won’t you be the rock star later on?
Eliminate all non-essential services. Do you really need your lawn fertilized? Absolutely not. So, so silly!
I know we’re being told not to, but again, I’m going to go against the grain. You should have at least some cash on hand. Not so much as to attract attention, but enough for a couple weeks’ worth of food, water, and fuel for your car.
Keep your car (unless it’s dead as a doornail). What good is a shiny new car that sits in the driveway like a beacon crying out “come here little robber”?
Be creative – use zoom to have parties and meetings. Take their training webinar to be sure you know how to eliminate meeting crashers.
This is a good time to attend homeowner association meetings. Don’t let those on the board assess additional fees. Be assertive and vote no for all expenditures that are optional. While you may still have income, perhaps your neighbors are struggling.
Don’t take those quizzes on social media if you’re bored. Oftentimes, they are phishing scams. Think before you do. Scammers are abundant now as always.
I hope you have used some of the tips to feel less stress and more money wisdom at this time.
Don’t give up and don’t give yourself away. It’s not time to surrender.
If you would like to talk more in-depth, please contact me!