Quantcast

7 Ways To Achieve Financial Literacy During Global Pandemic

Staying afloat is possible, even during these unprecedented times.

Finance

It's one thing to learn how to better manage your money, it's another to manage your money during a recession, and yet another to manage your money during a recession and a pandemic, where everything and everyone is on lock down and resources are limited.

Financial expert, Jennifer Streaks, shares some money tips that we all should be taking in order to stay afloat during these unprecedented times.

1.File Your Taxes

Shutterstock

Go ahead and get it out of the way! This will make it easier to get your stimulus check, if you qualify. This will especially come in handy for those who have been laid off due to COVID-19. Although there has been an extension to file taxes until July 15, you should still do your best to get it in early to avoid delays.

2.Get An Extension On Payment Deadlines

Call your creditors and ask for forbearance on your payments. The entire world is on pause right now, and most businesses are being lenient towards their customers when it comes to funds that are owed.

3.Focus On Essentials Only

Shutterstock

This is not the time to stock up on unnecessary items. Right now, pay attention to what you need the most; food and in some cases, medication. In case of a complete lockdown (including grocery stores), you want to be sure that you are stocked with a lot of canned goods and whatever medication is needed to hold over for an extended period of time.

4.Track Expenses

Take the time, sit down and see where your money is going. There are many people that are seeing how much they spend on Uber, dry cleaning, Starbucks etc., and realizing how much money is wasted. Take a look at any subscription services that you don't need that can be put on hold for now. These payments can be resumed when normal life is back on track.

5.Seek Financial Assistance

Shutterstock

If you have not already, file for unemployment. Yes, the task is daunting because many states are overwhelmed, but do it so those funds can start coming in. You also want to be mindful of the fact that many people are applying at this time, so the sooner you get in, the sooner you can get access to funds to sustain you. If you don't qualify for unemployment, there may be new government-funded financial assistance programs specifically for those who are impacted by COVID-19.

6.Use Your Emergency Fund

If you need to dip into savings, go ahead and do so. This is what savings are for! The best use of your savings right now is to try to get at least two weeks worth of groceries at a time, and whatever extra essential supplies are needed.

7.Create A Pandemic Budget

Shutterstock

Plan out a budget specifically for this pandemic. Money management is extremely important right now, and whatever money you already have, needs to last.

Jennifer Streaks is a financial securities expert, journalist and author. She has been an on-air commentator for years (MSNBC, Fox Business) and is a columnist/reporter having written for The Huffington Post, Motley Fool and Black Enterprise, as well as been a contributor for CNBC. Featured on national news outlets, Jennifer published her highly lauded book Thrive!...Affordably available on Amazon.com.

Featured image by Shutterstock

Ready for the New Moon in Sagittarius on Saturday, December 4th? Ready or not, it’s coming for you. Fortunately, it promises to bring good tidings and positive blessings just in time for the holidays! This month’s New Moon features a total solar eclipse. Solar eclipses are extremely significant events that usher in new beginnings and bright new opportunities.

Keep reading... Show less
The daily empowerment fix you need.
Make things inbox official.

The holiday season is here and we can't help but be thankful for all the things. On the heels of the CFDA Awards and Hanifa's groundbreaking runway show, the excitement about getting dressed is at an all-time high. Now's the time to lean into those fall basics while also pulling out all the stops by rocking your statement pieces.

Keep reading... Show less

Since Kehlani first burst onto the scene in 2015 with their song “The Way,” fans have witnessed the singer experience many evolutions in their career and personal life. From becoming a mother to coming out as a lesbian, Kehlani’s journey has been nothing short of ordinary as they continue to find themselves with the world watching. Now, it looks as if the “Nunya” singer’s identity is experiencing another rebirth.

Keep reading... Show less

We first reported on Meagan Good starring in the new Amazon Prime Video series Harlem in November and now the veteran actress is opening up about her character on the show. Harlem is written and executive produced by Tracy Oliver and highlights four Black women in their 30’s who are best friends and taking on New York’s famous Black neighborhood.

Keep reading... Show less

Recently, I was talking to a single woman about what her plans were for the holidays. When she started talking about how badly she wanted to be in a relationship, I found myself calling her out on it a bit. "Girl, you ain't said nothin' about a man all year and now you want to be with somebody?" After she (literally) poked out her lip, she said, "It just seems like everyone in the world is with someone but me and I don't like it."

Keep reading... Show less
Exclusive Interviews

'David Makes Man' Star Arlen Escarpeta Believes Love And Accountability Go Hand In Hand

"While we are quick to judge others, we really have to look at ourselves and call out some of the things that we do."

Latest Posts