Income

🚨 It’s time to use that emergency fund 
You’ve worked hard to save up 3 months of living expenses. Before you dip into it, review your budget and cut out any unnecessary items. Make it last!  

☂️ No emergency fund?
It’s going to require some balance

• Educate yourself on your state’s unemployment benefit requirements here.
• Pick up a few side gigs. See what’s available in your area on Steady.
• Borrow — there is a right way and a wrong way to borrow money. We’re here to keep you in the right.
  • If you have a credit card, keep your spending only to essential items and consult an Albert Genius on your debt repayment plan.
  • Beware of high interest rate loans. Anything over 30% interest is usually NOT healthy.
  • If you have a family member or friend that is willing to help, make sure to keep it all organized. Create a budget and discuss their optimal payback date.

Stimulus Check

✅ What are the qualifications? Read up about it here.

💲 How many payments will there be? So far, just two.

🤔 How do I know if I will get the full amount? Calculate it here.

💰 How will I receive my check? Find out here.

⏲ When will the payment arrive? Stimulus payments are expected to go out by January 15, 2021. Find out when your check will arrive here.

Check out this article for Coronavirus tips and frequently asked questions and see latest updates here.

Insurance

🏥 If you need support for prevention, testing, and/or treatment
See which health insurance companies are offering support to help you handle the current situation.

🚘 If you're not driving as much
You'll want to give your auto insurer a call and ask for a lower rate. To prepare, here's a practical guide and a how-to guide.

Federal student debt

The state of federal student loan relief due to COVID-19 effects is fluid. As of December 2020, here is what we know:

🗂 You’re not accumulating interest 
All borrowers with student loans held by the U.S. government will automatically have their interest rates set to 0% through January 31, 2021.

📑 You're automatically placed in an administrative forbearance 
This allows you to temporarily stop making monthly federal student loan payments. This suspension of payments will last through January 31, 2021.

👊 If you continue to pay, you could knock out some of the principal
Once all interest accrued prior to the president's March 13, 2020 announcement is paid, any payments made toward your federal student loan will be applied to the principal amount.

Keep up-to-date on Federal Student Loan Relief news here.

Private student debt

A handful of private education lenders have been offering students extended payments and other types of assistance during the COVID-19 outbreak, though none have proactively reached out to borrowers to make them aware of those options. 

Financial hardship assistance is offered on a case-by-case basis. As of 3/25/20, these are the private student loan lenders offering help.

This might be a great time to consider refinancing your student loan debt. Here is a list of current rates offered in the market. Text a Genius to talk it out.

Stay updated on pertinent Private Student Loan Relief news here.

Credit card debt

Making on time, minimum payments on your credit card is crucial to maintaining a healthy credit score. If it’s getting tough to handle, we have a few recommendations.

⚡️ Build a debt repayment plan with a Genius
If you are a Genius subscriber, text us to get one started. We forecast your debt-free date, build you a realistic budget and send you a customized debt plan.

💳 Can’t handle your current minimum payments?
These credit card companies are offering temporary assistance, if your provider is on the list, give them a call to discuss your specific situation.

⏰ Need a temporary solution?
If your credit is above 680, you may qualify for a balance transfer card. Text a Genius to find out more.

Investments

“If you aren’t thinking about owning a stock for ten years, don’t even think about owning it for ten minutes.” - Warren Buffett

Your investments should be for the long-term.

🤙  Don’t panic
When you look at an investment your first question should be, “What am I ultimately going to use this money for?” If that goal is still 3-50 years away, it’s usually not time to sell if it’s invested properly.  

⛑ Review your risk tolerance
Every financial goal has a timeline and a risk tolerance. That’s what the experts are for! Text a Genius to talk through your risk tolerance.

🗣 Talk it out
Seeing a 20-30% loss on your investment is tough. Understanding the “why” behind it can help ease your anxiety. Talk to a Genius about your investment worries; we’re here to help!

College savings plans

🚸To stay in the loop on what a parent should know
Read up on what sources to trust here.

Bank loans

Loans issued by your bank/credit union, such as secured/unsecured lines of credits, mortgages, auto loans, personal consolidation loans and other debt extended may be eligible to have its payment paused or skipped.

💸 If you are experiencing financial hardship
We recommend reaching out to your bank for help. Much of the aid is offered on a case-by-case basis, but a growing number of financial institutions have begun to waive fees or defer payments.

🏦 You may be eligible to refinance
Many of these loans are based off the Fed Funds Rate, which is now 0-0.25% (this means you may have seen your interest rate drop). We recommend reaching out to your bank for more information. If you can afford your payments as usual, this might be a great time to ramp up your payments and chip away at the principal.

Here is a running list of some of the banks that are offering financial aid to those affected by the pandemic. Check back for updates.

Rent/eviction

This is a rapidly developing situation.

If you are out of work or have lost other sources of income as a result of the COVID-19 outbreak, check here to see if your state, city or county has adopted or is considering prohibitions on evictions of residents affected by fallout of the coronavirus pandemic.