[javascript protected email address] | Phone: 817-488-8939 | www.mcguffincpa.com

Ideas to Help Pay Bills During Tough Times

Ideas to Help Pay Bills During Tough Times Image

You're not alone in trying to navigate the financial uncertainty during the coronavirus pandemic. 10 million+ American workers who lost their paycheck because of COVID-19 need to find creative ways to pay bills.

Here are 6 ways to get cash to help pay for your monthly expenses.

Apply for state unemployment benefits. Recent federal legislation expands traditional state unemployment payments from 26 weeks to 39 weeks. State unemployment offices are also administering an additional weekly payment of $600 to unemployment benefit recipients courtesy of the federal government. This additional $600 weekly payment runs through July 31, 2020. If you haven't already done so, visit your state's unemployment insurance website to fill out your application. Remember, this federal unemployment assistance now applies to self-employed workers and part-time workers.

Look to your retirement accounts. While not ideal, you can withdraw up to $100,000 penalty-free from your retirement accounts because of the pandemic. You can then pay it back within the next three years without penalty or being subject to annual contribution limits!

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. While credit card companies haven't explicitly said that consumers can skip or defer credit card payments, encourage anyone experiencing financial hardships because of COVID-19 to contact their customer service teams to discuss their individual situation.

Get the word out. Tell everyone in your network that you could use work. While the U.S. unemployment rate is close to 20%, that still means 80% of Americans are still working. 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.

Last updated: 04/24/2020

Have questions? Contact us.

DANA MCGUFFIN CPA PC
231 E SOUTHLAKE BLVD STE 100 | SOUTHLAKE, TX 76092
www.mcguffincpa.com | [javascript protected email address]
Phone: 817-488-8939 | Fax: 817-435-8252

FacebookTwitterLinkedIn
© 2020 | Terms of use

DANA MCGUFFIN CPA PC COVID-19 Tax Resource Portal

Terms of Service

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 DANA MCGUFFIN CPA 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.

IF YOU DO NOT AGREE TO THE TERMS OF SERVICE, IMMEDIATELY STOP ACCESSING THIS SITE.

© 2020 . All Rights Reserved.

Close window