Here are 5 ways to get cash to help pay for your monthly expenses during tough economic times.
Defer a housing bill. Talk to your mortgage holder and landlord about deferring a payment or two. Recent legislation suspends required payments on certain loans and halts foreclosures for at least 60 days. But you must contact your lender to discuss the specifics of your situation. It may be trickier to work with landlords to defer rent payments, but many property owners have signaled a willingness to work with tenants over the next several months to defer or forgive payments.
Talk to lenders about credit card payments. Call your credit card company to see if they are willing to defer your payment for several months. If you are still required to pay, ask to have your interest rate lowered or search for a zero percent balance transfer offer.
Get the word out. Tell everyone in your network that you could use work. You may have friends and family that could help you weather the financial storm for several months. But you won't know unless you ask.
Downsize your budget. Now is a good time to create or update your monthly budget. Keep track of where every dollar goes. Identify non-essential spending you could put on hold until you find your next job.
Look to your retirement accounts. You can withdraw money from your retirement accounts, but you may face a 10% early withdrawal penalty in addition to income taxes. It's always best to leave retirement accounts as a last resort.
Last updated: 07/02/2022
Cohen & Company Consulting PC
215 West Main Street | Maple Shade, NJ 08052
The Covid-19 Tax Resource Portal (herein after referred to as "Site") is made available as a service to our clients and others for informational purposes only. These materials and information should not be considered as, or a substitute for, accounting, tax or financial advice. While it is hoped the materials provided here are helpful as background material, it is not warranted either expressly or implied as accurate or complete. You should refrain in taking any action based upon the information provided here until you have received proper counsel.
In addition, you understand that any links to any other web site or services does not constitute endorsement of or warranty of any service, product or information provided on their site(s). These links are provided for convenience only.
While our intent is to make transmissions to and from this web site secure, it is understood that no warranty of security can be made and that unforeseen security breaches by "hackers" is a possibility, however slight.
Reproduction of part or all of the contents on this site in any form is prohibited other than for individual use only. All content on this site is copyright protected and/or trademarked as appropriate and may not be copied, duplicated or altered in any way.
In no event shall Cohen & Company Consulting PC, its affiliates or suppliers of any content on this site be liable for any indirect, incidental, special, punitive damages or consequential damages of any kind, or any damages whatsoever arising out of or related to your use of the Site, the content and other information obtained therein.
© 2020 - 2023. All Rights Reserved.