5 Tips For Those Who Are Struggling Financially

Rohan Mathew

Updated on:

Last year brought unprecedented circumstances and an abundance of jobs lost around the country. You may have been one of the many who found themselves furloughed, laid-off, or demoted due to the pandemic’s effect on how businesses operate and the economy. 

You may still be feeling the impact in 2021 and the financial struggle may be real for you. In times like these, instead of losing hope, consider these five tips below if you’re having a challenging time with finances.

  • Speak to a professional

Perhaps you are paying mortgage on a home or you were working with a financial professional to plan for your future before the pandemic hit. Now, you may be struggling with all the bills due to lost income and wondering what you should be doing to keep up with the demands.  A professional can provide the input you need. Use advisor transition services that offer insights and make a difference in how you navigate this time and your finances, so you avoid making money mistakes while you’re struggling. 

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  • Ask for help

Are you in a position to get a loan? In some instances, this could be an ideal way for you to pay the most important expenses that you simply can’t avoid at this time. Or, perhaps you have family members or friends who would be willing to help you out until you’re back on your feet. Asking for help isn’t easy, but in circumstances like these, people are more understanding than ever before. There are some loan options that have been made available in the pandemic from various banks that could work for you. 

  • Apply for government assistance 

If there is one place where you shouldn’t be ashamed to ask for help, it’s with programs offered by the government. They can often be time-consuming to apply for and have restrictions for approving you, but you won’t know unless you try. Unemployment benefits, rent assistance, business support, and food benefits can all help you cut down on the basic expenses while you try to get your company or yourself and your family back on your feet. 

  • Realize this situation is not permanent and act accordingly

It’s no secret that this time has been stressful for many and when one looks at the current circumstances, it could be easy to lose hope. Instead, consider temporary ways to better your situation at the moment. You may not love the idea of driving for a delivery service or working a side hustle after being furloughed. However, realize that it doesn’t have to be permanent as it could help you get back on your feet until things go back to normal again. In fact, you may be surprised what kind of opportunities you may find when thinking outside of the box—you could find a new career that you love or a side hustle that provides you with passive income. 

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  • Make payment plans

Pre-pandemic, you may have committed to purchases, insurance, or vehicle leases that require monthly payments. Now that your income has gone down, it could be a challenge to keep up with the monthly expenses coming your way. Fortunately, many companies are offering payment plans that can make your life easier by spreading the payments out longer. In normal circumstances, this may not be the best money move, but it can help you during this time when you may be struggling financially. With COVID-19, many companies are providing alternative payment plans, so take time to see if there are options available for you. 

Things Will Get Better

Financial struggles can be very difficult to navigate and it is easy to lose hope. Times like these can often feel like they’ll never end, but with some grit and maybe a little help, you can make it through. Consider these above-mentioned tips and know that things will get better—they always do.