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Financial Triage Tips During a Financial Crisis

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Financial Triage Tips During a Financial Crisis

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Here are some helpful tips for those who are experiencing financial hardships associated with the Coronavirus (COVID-19)

financial crisis
Calculate your financial runway

How much money do you have?
How long will that last?
How much work (unpaid) will you be missing?
What bills are coming up?
What is the financial gap?

 Prioritize your payments

Housing should be first. Perhaps student loans can be deferred for 6 months?

Look into temporary solutions

Look into solutions that’ll help you with temporary relief and an increase of cash flow during this setback – skip-pay, loan extensions, loan modifications, low interest loans for disaster recovery, waived fees, etc. Reach out to creditors/lenders to seek temporary relief, too.

Use the Survival Kit from BALANCE

Surviving a Financial Crisis

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