What the Coronavirus Is Teaching Us About Money

COVID-19, more commonly known as the coronavirus, has become a worldwide threat, infecting hundreds of thousands of people, and claiming more lives with each coming day. Across the United States, most State Officials have implemented a stay at home order, as well as closing all non-essential businesses and restricting international travel and advising against non-essential domestic travel.

If you are not working on the front line, or you are not employed by what is considered to be an essential business, then you may either be working from home or not working at all. This pandemic is sadly affecting people all over the world, but not only medically—it is also affecting many financially. While hunkering down at home, trying to prevent the spread of the virus, many of us are also facing the harsh reality of not receiving an income. This is when a title loan could provide you with a buffer during these trying times.

What the Coronavirus is Teaching Us

Before this pandemic, many Americans were already living from paycheck to paycheck, with no room in the budget to save. Because of this, many were not prepared financially. Without having an emergency fund or savings account, how can one prepare to handle a crisis like this?

While we have all heard how an emergency fund can prepare us for the unexpected, we may not have had the means to save the recommended three to six months of expenses, or anything even close to that. Whether an emergency fund is used to supplement our income if we experience a job loss, medical expense, home repair, or the unthinkable COVID-19, what do we do if the funds are just not there? How are you financially surviving this epidemic?

 

 

Working from Home Option

If you are working from home and are still able to receive an income, be thankful and take this as a warning to start saving. Life is unpredictable. You really don’t know what the future holds, especially after this, so be sure to find money in the budget to prepare for what lies ahead. There is no better time than now to realize the importance of having an emergency fund to secure your financial health.

Loss of Income Due to COVID-19

If you are not sure where your next paycheck is coming from because you have suffered a loss of income due to this pandemic, then you want to start making moves right away. Be sure to apply for unemployment as soon as possible because there will most likely be a delay. With more than 7 million Americans filing, it could be weeks before you see a check. If you are concerned about feeding yourself or your family, be sure to locate a food bank near you, or reach out to a loved one or family member for help. You should also contact your mortgage company or landlord to discuss payment arrangements, as well as contacting utility providers and any other lenders you have a contract with. Many relief programs have been implemented during this time, so be sure to take advantage of any extension that is available to you.

 

 

Financial Assistance is Out There

If you have not yet received an unemployment check and have not had the luck you were hoping for with relief programs, then you may need to find some extra cash to stay afloat until you receive a check. At Texas Car Title and Payday Loan Services, Inc., our representatives are waiting to help. With just a few simple requirements you can qualify to receive cash without the worry of a credit check. So if you are worried about your credit score, don’t be. Unlike a traditional bank loan, qualifying for Texas title loans does not rely on credit. You can have the same-day funds you need in just 30 minutes or less, without any hassle.

There are no restrictions on how you spend the title loan money you receive, so use it to buy groceries, stock up on toiletries, and prepare to stay in while the coronavirus is spreading so quickly through the United States and all over the world. It is important to have what you need to stay safe during this time.

Stay Safe and Stay Home

Let’s do our part to flatten the curve and prevent the spread. Keeping yourself and your loved ones, as well as others, out of harm’s way. Safety should be your primary focus, not the stress of having the necessary money to survive.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.