COVID-19 and Your Personal Finances

by | Jul 15, 2020

COVID-19 and Your Personal Finances

Whether you’re a super-saver or you’re among the 66% of Americans without savings, it’s never too late to start a new financial plan! Check out CSD Learns’ free webinar below, or continue reading to learn more about managing your personal finances during the COVID-19 pandemic.

This webinar is led by Mark Apodaca, who is the founder of the National Institute of Financial Literacy for the Deaf, Inc.  and has over 40 years of experience in financial management. This is part of CSD Learns’ financial education series in partnership with the Wells Fargo Foundation.

Here are some things you should consider when making your plan:  

Check if you’re eligible for unemployment insurance

If you’ve lost your job, you should be eligible for unemployment benefits. To receive unemployment insurance, you need to file a claim with a program in the state where you worked. You can determine if you are eligible at the Department of Labor’s Coronavirus Resources web page.

On the other hand, independent contractors and freelancers are usually not eligible for unemployment benefits. Under the 2020 CARES Act, states have the option of extending unemployment compensation to them, but not all states do. Read this article by Business Insider for more information.

Here’s what you need to know about:

Health Insurance 

Nearly half of Americans receive employer-sponsored health plans. Whether you have a private or employer-sponsored plan, expect to see changes in cost and coverage. Insurance premium costs and medical visits will go up. Learn about your healthcare options here.

Pensions 

Less and less employers offer pensions. The pandemic may accelerate that trend. Employer-sponsored pension plans are costly, in an effort to save money, your employer could invest your money with firms that don’t have your best interests at heart. Become familiar with your pension account and consult with your company advisor if you have questions. Check out this Forbes article for tips on how to hold your company accountable for your pensions during the pandemic.  You can also read our blog to learn why it is important to have a strong retirement savings plan.

Life Insurance 

Life insurance allows you to continue to support people you care about, even if you are no longer around. It allows you to leave them non-taxable funds that can be used to pay off any debt you owe such as a mortgage or car payments. If you have an active life insurance plan from before the pandemic, your beneficiaries should get death benefits should you die of Coronavirus related complications. However, if you are looking for coverage during the COVID-19, you could run into some challenges. Here’s what you need to know.

Investments

Investing is always risky, but investing during a global pandemic is even riskier. Since March, the stock market has hit record lows on more than one occasion. However, don’t let that scare you from making investments. You can and should still consider investing. Read Rocket HQ’s tips on how to handle your retirement savings and investments during COVID-19.

Did you know that the tax season ended in July this year?

Regardless of your employment status, everyone is required to file their taxes. Taxes are generally due by April 15th. Because of COVID-19 the government extended the deadline to July 15th, 2020, but if you missed that deadline, here’s what you should know.

Ask your tax questions in ASL! Visit www.deaftax.com to VP with a deaf tax preparer.

You have to make a plan for the future. Start with your budget.

One high hospital bill is enough to throw off your finances. And worse, imagine passing away without an estate plan, will, or trust to leave your loved ones. While you can’t be ready for everything, you should anticipate anything. You can start by creating a sound financial plan. Begin with your budget.

You might have noticed an increase in the cost of groceries and a decrease in gas and oil prices. Take note of these changes. They will give you a sense of how to adjust your budget during a crisis. Save as much as you can when possible. An ideal savings account is large enough to last six months without additional income.

 

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