How To Cope With Loss Of Income During Covid-19
5/12/2020
How To Cope With Loss Of Income During COVID-19
With the future being uncertain, not having an income can be scary.
Experiencing a loss of income is frightening, especially now when there is so much uncertainty as to what the future holds. If your income has been affected by the pandemic, here are a few tips from Navicore Solutions:
Apply for benefits
Traditional unemployment rules do not apply to those whose income has been affected by COVID-19. There are many exceptions being made due to the large number of people currently out of work. If your income has been reduced because of the pandemic, apply for unemployment benefits immediately. Individuals who often do not qualify to receive unemployment benefits, such as those who are self-employed, freelance workers, or individuals who are unable to work because they are caring for their family, may qualify under the new Coronavirus Aid, Relief and Economic Security (CARES) Act.
If you are eligible to receive unemployment benefits, you will also receive an additional $600 weekly through July 31st as part of the CARES Act. This additional source of income is sure to offer some relief for those who have been affected.
Read More: Maintaining Financial Stability Through COVID-19
Revaluate your budget
When experiencing a reduction or loss of income, it is necessary to reevaluate your budget. Many people may find their spending habits have changed as a result of entertainment and social activities being closed/canceled and vacations being postponed. To fully understand your financial situation, you must assess your current household and living expenses and your income. This will give you the opportunity to see where your budget stands with your current situation and if there are any additional expenses that can be reduced.
If you need assistance with reevaluating your budget, reach out to Navicore Solutions. Our counselors will help you create your budget and can provide resources and recommendations to reduce your expenses. They can also provide guidance and connect you with assistance programs that may help if you are concerned about missing your rent or mortgage payment.
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Read More: Budgeting For Every Dollar
Take care of your mental health
Stressing over your financial situation can severely impact your mental and physical well-being. Now, more than ever, many Americans are faced with great uncertainties about their financial future and this can create overwhelming stress and anxiety. With daily routines being disrupted, it is important to remember to prioritize your mental health.
Read More: How To Cope With Financial Anxiety
Your normal outlets to relieve stress may not be feasible right now, so it is time to get creative. Instead of getting your workout in at the gym, go for a run outside and enjoy the sunshine. If you can't attend your yoga class, make a yoga studio in your living room. Rather than socializing publicly, start a weekly video call with your family and friends. Use your free time to organize your home, delve into your inner artist, learn to cook, or open that book you've been meaning to read. Whatever way you go about destressing, remember to take some time each day for yourself and disconnect for a bit, even if it is only for a few minutes.
Lauren Lovett has been with Navicore Solutions for seven years serving as a Certified Credit Counselor and Grant Writer. While in these roles, she has witnessed the positive impact that the organization's counseling services has on improving the money management skills and economic security of individuals and families in need.
