Money Advice for the Extremely Broke
Money Advice for the Extremely Broke and Deeply Screwed (Thanks COVID-19!)
By Katie Way Apr 17 2020,
If you're laid off and panicking about how to eat AND pay rent, personal finance experts have some practical options and advice for you.
It is almost too much to have to think, in the midst of all the chaos and fear surrounding the COVID-19 pandemic, about finding a new job. But, for at least 22 million Americans who’ve been laid off as a result of widespread business closures and shelter-in-place mandates, that’s reality right now.
And the layoffs don’t seem like they’re going to stop anytime soon, either. According to a report from Data For Progress, 52 percent of workers under the age of 45 have had their income negatively impacted as a result of this crisis, and some economists predict our current rate of joblessness could actually surpass the unemployment rate during the Great Depression.
So, yes, we may be living in a crisis that rivals a period in American history when people were eating dust (?) to survive, but at least we’re doing it together. Awesome!
It’s hard not to panic while gazing into the maw of a recession, a national financial crisis morbidly in sync with a personal one. But panicking, while potentially cathartic, won’t help pay the rent (and that little $1,200 check might not help much, either). VICE asked a handful of financial experts about what some actionable steps might look like for the truly, madly, deeply financially fucked among us.
I just got laid off after living paycheck to paycheck, and I don’t have a palatial family home near a body of water where I can squat until this thing is over—like millions of other Americans , I’m ** and I’m freaking out! What do I do?
Kelsey Sheehy, personal finance expert, NerdWallet: This is not a normal time for anyone, but it's especially daunting for people who feel like they were already on shaky financial ground to begin with.
I mean, you're separated from friends and family, from your support system. You're not sure if or when you're going to be able to return to work, when you're going to have money coming in. And you still have all of these other financial obligations looming over your head!
So I think the first step I have been advising people to take is just take a deep breath, acknowledge that yes, this is a lot, and then start to focus on putting out the fires where you can.
To continue reading, please go to the original article here:
https://www.vice.com/en_us/article/dygmdq/financial-advice-for-unemployed-extremely-broke-covid-19