Coping with COVID-19: Helpful Resources for Financial Wellness
The coronavirus (COVID-19) crisis continues to be a stressful time. Many of you might be feeling a mix of confusion and anxiety. We join with our partner GreenPath Financial Wellness in providing the information you can use, especially as it relates to financial health and wellness. See these suggestions for actions to take in the face of unexpected financial hardship.
Track and Prioritize Your Finances
It is overwhelming to decide which bills to pay during the pandemic. The importance of bills is different for everyone, but food, housing, utilities, medicine, and transportation are typically people’s most important needs. Focus on your needs and make a list that tracks the highest priority expenses. To ensure success, encourage everyone in your household to track expenses related to immediate living needs.
Understand Next Steps to Take After Income Loss or Income Reduction
If you have lost a job due to the global pandemic, contact your state unemployment office online and apply for benefits.
Don’t think you qualify? It is still smart to connect with the unemployment office. Unemployment income can help you meet your daily expenses.
You may qualify for an extra $600 per week of benefits, which is part of the new CARES legislation, on top of the normal benefits.
Those with reduced income due to the crisis might also be eligible. For example, benefits are now available for those who do not normally qualify, such as contractors who are not able to work right now.
Understand the Stimulus Check
In this time of the COVID-19 crisis, most Americans are eligible to receive a stimulus check from the federal government. This includes individuals with low or no earnings, who normally do not file taxes. Those eligible can receive up to $1,200 for an individual ($2,400 for a married couple filing jointly) and an additional $500 for each dependent child. GreenPath Financial Wellness provides access to a Stimulus Check Guide curated by the University of Michigan Poverty Center and Civilla. The guide provides details on how to receive stimulus checks as soon as possible, including:
Who qualifies such as those on social security, students, those with no current income?
Eligibility information on those with low earnings who do not file taxes, those who did not receive a tax return, and those with higher income who may qualify for a partial payment.
Financial Concerns from the Coronavirus – Final Thoughts
Through our partnership with GreenPath Financial Wellness, we encourage you to utilize them as a resource during this time of crisis.
For additional COVID-19 related resources and support, check out the following list of COVID-19 resources on their website.
Finally, if you are dealing with a loss of income due to COVID-19 or have other financial concerns, we encourage you to give GreenPath a call at the number below to take advantage of free financial counseling. It’s free, with no pressure, and 100% confidential.
We are proud to partner with GreenPath to provide those we serve with financial wellness education, counseling, and debt management services.
For additional financial wellness resources, visit: Get started today Free counseling line: 877.337.3399 PeopleFirstCU.org