COVID-19 Crisis – 5 Strategies To Consider If You’re Struggling To Make Ends Meet

Image credit: Unsplash Anthony Tran

The pandemic has pulled the rug out from under many people’s feet. Those with health problems are terrified of venturing outdoors, while many others are facing a grave danger indoors – poverty and starvation. If you are struggling to make ends meet because your job is deemed non-essential, you will need new survival strategies to get through this challenging time period. Here are five strategies to help you make ends meet during the COVID 19 crisis:

1. Emergency Disaster Relief Loans

Keeping a roof over your head and putting food on the table is the top priority. If your income has been reduced or completely removed due to COVID 19, you might need to look at taking out a loan. There are a number of low interest loans for low to middle income earners that won’t put you in the red and see you paying off the interest for years to come. Keep the loan amount minimal and ensure you choose the longest repayment plan. You can always pay extra into your monthly contributions if you are able to pay it off faster down the line.

2. Claim Unemployment Benefits

Unemployment benefits are there for anyone who has stopped earning a salary or lost their employment position in a non-voluntary manner. At each employment position you have held, your employer has been contributing a stipend from your salary to the government for this purpose. It is your own personal income insurance protection. How much you can claim will depend on how much you contributed in the past. Your contribution was determined by your earnings – you will be able to claim a portion of your salary back for a certain number of months.

3. Apply For Hardship Relief With Your Bank

Hardship relief is offered by banks and credit service providers in instances of emergencies, like the COVID 19 disaster. Hardship relief has been announced by several companies with regard to the current pandemic. It might include reduced service fees, deferred payments, and sometimes even suspended accrual fees. Banks don’t generally have a uniform plan for each person. They offer their relief services on a case-by-case basis, so there will be qualifying criteria and those criteria will determine how much relief you can gain from them.

4. Look At Getting A Temporary Sideline Income

During the lockdown, many people are finding it difficult to get the groceries and the services they need, even those that are essential. Look at offering help at your local grocery store – these stores might need additional help with disinfection protocols, like wiping down shelves, handing out masks and sanitizing wipes to customers at the door, and running a mop over the floor more often. You might also sell masks if you’re good at sewing – add details to make them unique and fashionable. Alternatively, offer a grocery delivery service to your neighborhood by joining Facebook groups in your area and advertising your services.

5. Reach Payment Agreements With Service Providers

Corporations are recognizing the need for reduced premiums or for people to have the accounts frozen temporarily in order to halt payments. No single individual struggling to make ends meet at this time is alone. It’s a worldwide challenge faced by many individuals and families. Approach your service providers with gratitude for the services and ask them if there is any room for negotiation surrounding payments. Most service providers are willing to reach a new agreement, even if that simply means deferring payments for a few months but maintaining you as a customer.