If you are one of the millions of Americans affected by the novel coronavirus, then you’ve likely felt a large impact on your finances . The restrictions brought about by the current pandemic have made many businesses unable to operate. As a result, many people are out of work or working reduced hours. According to Console and Associates, P.C., employers are refusing to compensate their employees. Should this be the case, you may need to sue your employer for unpaid wages. However, most situations are not this drastic. Instead, you’re likely facing reduced hours. This is still incredibly challenging, especially if money was already tight. Fortunately, there re several ways to make up for lost income during COVID-19. We’ll go over a few useful suggestions for this below. Reduce Expenses A good starting point is to reduce unnecessary expenses. When it comes to fitting a budget, you must control your cash flow. This requires adjusting either where your money goes or how much goes in. The easier choice is to change how much you’re spending each month. Many things you pay for likely aren’t essential. Your necessary expenses include things like rent, utilities, and groceries. Anything else isn’t required for survival. Expenses that aren’t essential can be considered luxuries. This includes costs like cable, frequent takeout, and new clothes. Chances are, you’re likely paying for several extra things each month that can quickly add up to hundreds or even thousands. While luxuries certainly add enjoyment to your life, they are expensive and serve as a good elimination if you’re struggling to make ends meet. Take some time and look at where your funds go to see if there’s anything you can comfortably cut. File for Unemployment If you are unable to find work, you should file for unemployment. This is arguably the most important tip here because the government is an excellent source of assistance right now. Typically, filing for unemployment is fairly difficult and many are rejected. However, coronavirus has greatly shifted things and now most Americans are eligible for unemployment due to relaxed requirements. Even better, the money provided during the current pandemic may be higher than what you would’ve earned normally. If you’re eligible for unemployment, you’ll receive the standard state amount and up to $600 because of COVID-19 every week. Across a whole month, unemployment benefits are significant and can easily cover all of your expenses. One thing that’s important to note is that how much you receive will depend on how much you work. You can still receive unemployment while working reduced hours, but you will receive less in unemployment. Considering this, you should take advantage of unemployment to help you through coronavirus for as long as it lasts. Consider Freelance Work Another good choice is to consider freelance work for extra income. While your regular job may no longer be available, that doesn’t mean you can’t do other work. In particular, you can work from home by doing freelance projects. If you have […]
