×

How to Float Your Cash Needs Right Now in a Covid Outbreak

Categories: General

I’m stuck in isolation, like the rest of us taking this novel virus seriously. The fact that it’s “novel” just means that no one is immune to it yet. From the rest of the world, this looks like the short-term getting back to work won’t happen until May or June at the earliest. Then, when we’re allowed to move about, will you even have a job to go back to? Right now, we’re still in crisis mode with no certainty of an outcome. Now what? Here are my recommendations to help your family stay safe and prioritize what you do have to make it work for the short-term, or the next three months at least.

Since everything has changed, so have your expenses. For example, we’re not driving as much so our transportation costs are lower. Since we’re at home, other expenses are going up like electricity. That’s why this is the most important first step. Take a look at the next 3 months and write down the expenses that are coming.

Priority expenses are Food, Medical, and Housing. We need a place to sleep, food and medicine and insurance. Other priority expenses right now can also include communications like internet and telephone costs. Consider cutting off other non-essential expenses right now, including gym memberships, etc. and stop all automatic payments if you can. What you’re doing here is keeping control over your cash, so that no other party takes your funds without you knowing about it.

Under the Emergency Orders by our Governor, Gavin Newsome, California evictions are stalled on both residential and commercial agreements; and tax deadlines on filings and I believe payments are even on hold. Student loans are deferred for 60 days without interest too. So, you have instant relief if you need it. Stay informed as our news channels provide updates.

I’ll leave you with this little nugget I recently read in my news feed, “You haven’t lost anything if you don’t sell it.” This means that just because the stock market is going crazy, if you hold on, you still own it. Let’s replace fear with facts. Take your time right now to consider and weigh all of your options. It’s too soon to make radical or huge financial decisions because we’re still in the middle of this crisis. I’m stuck in isolation, like the rest of us taking this novel virus seriously. The fact that it’s “novel” just means that no one is immune to it yet. From the rest of the world, this looks like the short-term getting back to work won’t happen until May or June at the earliest. Then, when we’re allowed to move about, will you even have a job to go back to? Right now, we’re still in crisis mode with no certainty of an outcome. Now what? Here are my recommendations to help your family stay safe and prioritize what you do have to make it work for the short-term, or the next three months at least.

Since everything has changed, so have your expenses. For example, we’re not driving as much so our transportation costs are lower. Since we’re at home, other expenses are going up like electricity. That’s why this is the most important first step. Take a look at the next 3 months and write down the expenses that are coming.

Priority expenses are Food, Medical, and Housing. We need a place to sleep, food and medicine and insurance. Other priority expenses right now can also include communications like internet and telephone costs. Consider cutting off other non-essential expenses right now, including gym memberships, etc. and stop all automatic payments if you can. What you’re doing here is keeping control over your cash, so that no other party takes your funds without you knowing about it.

Under the Emergency Orders by our Governor, Gavin Newsome, California evictions are stalled on both residential and commercial agreements; and tax deadlines on filings and I believe payments are even on hold. Student loans are deferred for 60 days without interest too. So, you have instant relief if you need it. Stay informed as our news channels provide updates.

I’ll leave you with this little nugget I recently read in my news feed, “You haven’t lost anything if you don’t sell it.” This means that just because the stock market is going crazy, if you hold on, you still own it. Let’s replace fear with facts. Take your time right now to consider and weigh all of your options. It’s too soon to make radical or huge financial decisions because we’re still in the middle of this crisis.