Post-Pandemic Budgeting Strategies: Entertainment
COVID-19 closed movie theatres, bowling alleys, amusement parks, and museums. The pandemic canceled concerts, Broadway shows, sporting events, and festivals. Even local parks, greenways, and outdoor venues closed for months in 2020. Personal entertainment turned inward. A walk around the neighborhood or streaming your favorite movie on Netflix or Hulu ...
The Pandemic Budget Versus Your Real Budget
COVID-19 altered how we live, work, and associate with others. These adjustments also have a direct effect on your finances. A Bank of America survey concluded that 64% of Americans altered spending habits due to the pandemic. Families surveyed increased spending in housing, education, food, pet care, fitness, and online ...
Plan Now for the End of Moratoriums
Moratoriums temporarily suspend financial obligations due to financial hardship or event. Government, regulators, or businesses have the authority to issue suspensions. In 2020, the federal government issued a nationwide moratorium on evictions. It has since been extended several times and currently ends on June 30, 2021. The ruling applies to ...
Plan B What Happens When Stimulus Checks Stop
The pandemic increased reliance on the government to pay bills but could create a financial crisis when the assistance ends. The government provided direct payments, enhanced unemployment, and moratoriums that prevented companies from shutting off the power or evicting you for not payment of rent. Here are pandemic relief programs ...
Money Moves to Make Now to Safeguard Your Finances
2020 was an odd year in so many ways. Most people could not commute to work, visit their favorite restaurants, go to the movie theatre, or travel as you did in previous years. Those changes affect spending habits and your monthly budget. Cooking at home became popular, driving down restaurant ...
What Happens When Your Mortgage Forbearance Ends?
In March 2020, the CARES Act allowed borrowers directly or indirectly impacted by COVID-19 to request a forbearance without documentation. The mortgage servicer must also report accounts that were current before the crisis, as current during the forbearance, protecting your credit. The CARES Act initially granted forbearance for 180 days, ...
What Happens When the Moratoriums End?
Government officials have used moratoriums to protect vulnerable consumers during the pandemic. New laws and executive orders have halted collections, stopped legal action, and prevented service terminations allowing consumers to go months without paying bills with no consequences. The troubling question becomes, what happens when the moratoriums end? 3396
Help Available Through Existing Stimulus Packages
Over the past 12 months,Congress passed six major relief packages totaling$5.3 trillion to help consumers, businesses, and government agencies impacted by COVID-19. Help ranges from direct payments, moratoriums on legal action, forgivable loans, and increased subsidies. Here are the key areas where pandemic-related legislation offers assistance for everyday consumers. 3394
Economic Relief Provided by The Latest Stimulus Plan
The vaccine's rapid roll out improves the economic outlook, offering hope that things can return to normal in 2021. However, as of February 2021, the unemployment rate of 6.2% is still nearly double what it was in February 2020, when only 3.5% of the workforce was out of a job. ...
COVID-19s Impact on Consumer Debt
The COVID-19 pandemic created an unprecedented time when consumers faced economic uncertainty of colossal proportions. Unemployment rose to 14.8%in April 2020 and then promptly fell as businesses reopened after months of closure. As of February 2021, the unemployment rate sat at 6.2%, still nearly double the 3.5% rate the country ...
