Payments from a federal coronavirus relief package could take several weeks to arrive.
FILE - In this March 27, 2020 file photo, President Donald Trump signs the coronavirus stimulus relief package in the Oval Office at the White House in Washington, as Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell, R-Ky., House Minority Leader Kevin McCarty, R-Calif., and Vice President Mike Pence watch. . While you wait, prep your finances and make a plan for using any money you receive. pandemic has upended the lives and finances of millions.
“We’re all operating on a limited cognitive load right now,” says Kristen Holt, CEO of the nonprofit credit counseling agency GreenPath Financial Wellness. “Writing everything down and thinking it through first before you spend any of the money out the door would be a good idea.”Those who’ve lost jobs might feel like the floor has fallen out from under them. Money from the government will provide a much-needed boost, but it might be weeks or even months before you get it.
MAKE A PLAN FOR THE MONEY YOU GET: Focus on necessities, like housing and food, to ensure your basic needs are met. IF IT’S STILL NOT ENOUGH: For many people, this money won’t cover all of their expenses, even after all governmental and nonprofit resources are tapped. In that event, accruing debt to cover expenses may be a last-resort option but can be done strategically. Many of the “rules” about using credit cards don’t apply right now.
“An emergency fund is more essential right now than it has been in all of our lifetimes,” Fabbri says. “We’re all vulnerable in this economic situation.”
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