These Are the 5 Smartest Things to Do if You Don’t Get Another $1,200 Stimulus Check

These Are the 5 Smartest Things to Do if You Don’t Get Another $1,200 Stimulus Check

by Mike Brassfield

Remember the $1,200 federal stimulus check you got a few months ago? Wasn’t that a lifesaver? Wouldn’t another one of those be nice right now?  While politicians in Washington bicker and point fingers and fail to successfully negotiate another stimulus bill, the rest of us are all wondering the same thing: Am I going to get another $1,200 stimulus check or not?

If you’re one of the tens of millions of Americans who are out of work due to the coronavirus pandemic, you desperately need that money to pay for necessities like food and shelter. Even if you’re still employed, you need that extra money to pay for things like school supplies, unexpected child-care costs or skyrocketing power bills because you’re home all the time.

If the politicians fail us and you don’t get another stimulus check, we’ve got five tips to help you get through this time:

1. Negotiate to Stay in Your Home

If you can’t afford housing, don’t panic. Look at your options instead.

Are you a homeowner? If you’re struggling with your mortgage payments, keep in mind that Fannie Mae and Freddie Mac are extending their moratorium on foreclosures on single-family mortgages until at least Aug. 31, 2020.

Mortgage companies can also offer to homeowners in COVID-19-related forbearance the option to defer missed payments until they sell or refinance their homes or reach the end of their loans.

Are you a renter? If you can’t pay rent for the upcoming month, it’s best to speak with your landlord sooner rather than later. You may be able to come to a resolution that doesn’t involve eviction or having delinquent payments on your credit report.

Renters should also check with their local housing agencies about relief programs. Many cities have funds that will help you by paying at least part of your rent directly to your landlord.

2. Ditch Your Current Car Insurance and Save Yourself $800

If you need to free up extra room in your budget, one of the easiest places to start is to cut back on your monthly bills — like your current car insurance.

In most places, it’s straight up illegal not to have it, so you’ve probably accepted that you’re going to pay through the nose for it. But you don’t have to.

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