3 Tips to Secure Your Financial Future During Quarantine

Things are quite scary right now and no one truly knows when things will return to normal. If things will return to normal. One thing is certain: your family’s health is and always will be the number one priority. Whatever you do and wherever you are, you always need to be focusing on your family’s health — 100% of the time. Hopefully you’re all safe, happy, and healthy during your quarantine, but you must remain vigilant.

Once you’re sure you, your spouse, and your children are safe and healthy, it’s time to address some other COVID-related concerns. The U.S. unemployment rate is the highest it has ever been.

That’s worth repeating.

The U.S. unemployment rate is the highest it has ever been.

Ever.

Because millions of Americans have lost their jobs and businesses are closing their doors left and right, remaining fiscally responsible needs to be priority number two on everyone’s list. Thankfully, there are things you can do from the comfort of your own home to stay afloat, pay your bills, and set yourself up for the future.

Here are some tips that should hopefully help you and your family save a significant amount of money during your quarantine and throughout the COVID-19 pandemic:

Call financial institutions and ask about deferring payments

Organizations that are handling credit card balances and loan payments are providing financial relief to those who are in need. Many companies aren’t doing this yet, but it won’t hurt to ask. If you’re struggling right now and need to hold off on payments, call your financial institution and see if there is anything you can do. Chase, Citibank, and Wells Fargo have already laid out deferring options. Even Apple let Apple card owners skip March and April payments. So if you’re worried, simply call and ask.

Revamp your home’s appliances

If you’re still using old, worn-down appliances inside your home, not only are you losing out on aesthetic benefits, but you’re also likely spending way too much money on your utility bills. Making the switch to sustainable, smart products can result in significant savings and look much nicer. The ecobee thermostat, for example, can pay for itself in under two years by keeping energy usage low when you’re not home. These products aren’t bulky, they don’t rely on other equipment to charge, and they bring exceptional comfort and energy savings to families all over.

Have a digital garage sale

Thanks to websites like Facebook Marketplace and Craigslist, you can still sell all kinds of items you have laying around your house online. If you have old TVs, ill-fitting clothes, unused art pieces, or just about anything else inside your home that you’re not using — put them on the market! It’s important to maintain social distancing, exchange money digitally, and disinfect everything during these transactions, as well.

Again, things are scary right now. As long as you and your family are safe and healthy, you’ll be able to focus all your energy on saving money, preparing for when things go back to normal, and potentially even make a few bucks! Good luck and stay safe!