Expert tips on how to cope with the coronavirus-related money stressors keeping Americans up at night investinyou (In partnership with acorns.)
Make sure you still have health insurance. You could switch to COBRA to receive the same coverage you had under your employer for the next 18 months, but you have to pay for it yourself at a considerably higher cost than you were paying as an employee. "Do some comparison-shopping. You may be able to find a lower cost high-deductible policy through your state's or the federal Affordable Care Act exchange at healthcare.gov," said Schwab-Pomerantz.
And consider other jobs that you may be able to pursue. Use your down time to learn a new skill or start that side-hustle.are among some of the industries hiring remote workers right now. "For some, losing your job could mean losing the ability to pay your bills and take care of yourself and your family. For others, it could be the needed break that they were looking for and allow them to pivot into a new direction," said psychologist George James, associate program director for the Couple & Family Therapy Program at Thomas Jefferson University. "A difficult situation can be viewed in multiple ways. Look for the opportunity in your situation.
Consider temporarily paying only the minimum on mortgage/rent, car loans and student loans as well, said Schwab-Pomerantz, whosewebsite has a list of resources to help during the Covid-19 crisis. More help could be available. You may be able to lower or suspend your mortgage payments for up to one year in some cases. Contact your lender. If you're having trouble paying your rent, talk to your landlord about your situation and your options.
From mortgage forbearance to eviction protection to utilities not cutting off services for nonpayment, there are a number of ways to get some economic relief during these difficult times."Be proactive and contact creditors if you're struggling before they reach out to you," Schwab-Pomerantz said.
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