Financial Tips for Navigating the Coronavirus crisis

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It is our hope that you and your family are healthy and coping well in the Coronavirus crisis. Life as we know it has changed suddenly, bringing many challenges and serious financial stress. You are not in this alone; Restoration continues to provide its financial counseling, benefits screening and job placement services, through a remote process (sign up info below).

For those who are facing a loss or decline in income, the following are helpful principles to guide your ability to make ends meet in these challenging times.

  1. Apply for any help for which you are eligible. There are standard and new resources to be tapped. Do not wait for your situation to become dire.  Apply immediately.
  2. Build an Emergency Budget.  It is more important than ever to know exactly what you need and ration your resources accordingly.
  3. New forms of Assistance.  From the IRS to phone, utility and credit card companies there are a range of new terms, rates and forgiveness options.  Contact your creditors: this will put you in a much better situation than simply ignoring your bills.
  4. Time to work on that Side Hustle.  Multiple income streams is the best revenge! Join our webinar: Balancing a Main Gig and Side Hustle on 3/31 at 5:30pm.
  5. Be Wary of Cheap Sources of Credit:  Predatory, exploitative creditors thrive in a crisis environment.  Confer with one of our financial counselors before you sign.
  6. Don’t cash out your Retirement Plan! For a number of reasons this is probably not the best choice at this time, and borrowing from your account is a wiser decision. Join our webinar on Real World Retirement Planning in the Coronavirus Era on 3/30 at 7pm.

We are here to support you in this difficult time. Make an appointment for our services.

Financial counseling at: nyc.gov/talkmoney. 

Benefits screening and job placement at 718-636-6994.

Some helpful articles:

Coronavirus Finances; Facing a Cash Crunch; Smart Money Moves during Covid-19