Coronavirus—aka COVID-19. It has flooded our social media, nightly news, and has even made its way into some of our communities. It goes without saying that this thing has created mass hysteria and panic across the globe. But if you’re looking for that here—you won’t find it. We haven’t lost our hope, and you shouldn’t either. We’re going to get through this, folks. Emotions are running high surrounding the coronavirus, and it feels like there’s so much uncertainty. But you don’t need to live in fear.
Yes, this virus has impacted all of us, whether it’s by coming down with the sickness itself, becoming filled with anxiety from the news, or being out of work (and out of a paycheck). We’re all feeling it in some way. And with 78% of Americans living paycheck to paycheck,1 it’s easy to see why the loss of even just one paycheck could be devastating. So we want to give you sensible, level-headed actions to take. But first, step back and take a big, deep breath. Now let’s look at some things you can do to keep you on your feet—even without a paycheck.
1. Get on a budget. If you aren’t already living on a budget, the time is now! Making a monthly budget will show you exactly where your money is going—no ifs, ands or buts about it. Without a budget, you really can’t make every dollar stretch because you might not even know how much money you have to work with. Plus, your budget will show you places where you can cut back and save money.
If you don’t have any income right now, then make a budget based on the amount of money you do have. If you have $600 left to your name, budget out exactly where each of those dollars will go. It’s time to squeeze every last penny out of what you’ve got. If you still have cash coming in from your spouse’s job or some other source, then adjust your budget to reflect that. It might be tough to switch up your lifestyle, but you’ve got to make temporary sacrifices to get through this.
2. Take care of the Four Walls. When the going gets rough—like it is right now—you need to focus on the things you really need to survive. We call these the Four Walls. Forget the student loan payment, the vet bill and the cell phone bill (for now). The Four Walls are your priority, so pay for these things in this order before anything else: Food, Utilities, Shelter, Transportation.
These are the basics you need to keep going so you can live to fight another day. And it’s really hard to fight when your family doesn’t have food, isn’t it? So if there’s no food in the fridge, don’t pay the cable bill. If there’s any money left over after you take care of the Four Walls, make a list of what else you need to pay and tackle that in order of importance. When you run out of money—that’s it. Someone on the list isn’t getting paid, and that’s just how it goes. But it sure as heck isn’t going to be the checkout lady at the grocery store. Remember, that’s priority number one.
3. Pause your debt. When you’re just trying to make it to another day, you don’t need to pay extra on your debt. Instead, focus on piling up cash as high as you can. This will help with peace of mind until you have income again. Once life gets back to normal and everything is okay, you can pick up where you left off with your debt. If it’s within your budget to keep paying the minimum payments on your debt, go for it. But remember, the Four Walls come first. Don’t let your family go hungry for the sake of your FICO score.
4. Sell stuff. Get radical. No, we don’t want you to go selling hand sanitizer on eBay for $50 a bottle. But this is the time to sell what you can to bring in extra cash. Maybe that’s your jewelry, clothes, baby items or even the extra car sitting in your garage. If you know you can part with something and get extra cash in your hands—do it! Well, within reason.
5. Get a temporary job or start a side hustle. If you’re out of a paycheck because of the coronavirus (or your business is taking a serious hit from it), that’s a real thing. But you don’t need to freak about it—just go get some part-time work. With so much being shut down right now, there might not be as many traditional ways to make extra money out there. Look into driving for Amazon, picking up takeout food, or dropping off grocery orders. And even if one of those doesn’t work out, you can still take up odd jobs around your neighborhood (think cutting the grass, picking up leaves, babysitting, or dog walking). Be on the lookout for opportunities that will add a few extra bucks to your pocket. In this situation, every little bit helps.
6. Look for things to cut. This is the time to cut back on any unnecessary expenses that you can. Tighten it up. Stop or pause your subscriptions (think Netflix, Hulu, meal delivery kits, specialty makeup boxes). They aren’t going anywhere, and you can easily pick them back up once everything blows over and you have extra cash to spend again. We know making sacrifices like this can feel like adding insult to injury when you’re already hurting. But keep reminding yourself: This is not forever. We’re going to make it through this! You’re making temporary sacrifices to tread water until this storm passes and you’re back on your feet again.
7. Connect with your church or local community groups. Let’s be clear here: Try to do everything in your power first before you seek help like this. Make sure you cut back where you can and take any temporary jobs to work hard and get back up on your own two feet. But, in times of real need, don’t be too prideful to ask for a helping hand. Many churches and community groups in your area exist for situations like this. They want to help you! If going to a food bank means your family is fed, then do it.
You might be losing a paycheck, but that doesn’t mean you need to lose your hope too. Hang in there! Wherever you’re at right now, just know you’re not alone in any of this. We’re all taking this thing one day at a time. Whether your job just got cut today or you’re scared to walk out your front door—we can get through this. We already are getting through it. Moment by moment. Day by day. Hope springs eternal. And that hope is worth a lot more than a giant stash of hand sanitizer and bulk toilet paper.
The Lord instructed Joshua to be strong and courageous as he led others into the Promised Land. (Joshua 1:9) Courage does not make the fearful circumstances change. It changes your heart and mind towards those circumstances to enable you to remain emotionally calm, level-headed and action-oriented. Fear paralyzes and robs us of the confidence that faith gives us. Remember, faith, hope and love will remain… Let’s be active spreading those.