4.Avoid Mistakes that Can Cost a Fortune
Many people have lost a job or got their hours cut because of COVID-19. It’s challenging to make ends meet on a low income (or none), but there are some things to avoid at all costs.
While credit cards can be helpful if you’re strapped for cash right now, you’ve got to pay them back. Debt relief is possible in the form of a debt consolidation loan, but a criterion is that you’re in default. This is added stress for you because the creditors can call you and demand money or threaten you with collections.
A money transfer, either between your accounts or from someone else, could be a great choice. However, make sure that you trust the person sending money or to whom you’re giving it. You also want to shop around to get the best rates and focus on timing. The money isn’t going to do any good if it doesn’t arrive in your account on time. Likewise, there are many scams out there, so you’ve got to be careful.
Though you may not realize it, the worst mistake you could make is by not financial budgeting. Creating a budget helps you see where the money goes versus what comes in. This is often a rude awakening for people, but it’s the best way to understand your financial situation and prepares you to deal with it.
Understanding how you can get money quickly during COVID-19 can help you stay afloat during these uncertain times. However, you need to be careful so that you don’t make your financial situation worse.
