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COVID-19 resource guide

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Income

If you’ve been laid off or are unemployed due to the effects of COVID-19, there are a few different ways to cope.

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

 

☂️ No emergency fund?
You can still make it work. But handling your finances will require some balance and effort:

  • Learn how to apply for unemployment benefits in your state here.
  • Pick up a few side gigs. See what’s available in your area on Steady.
  • Borrow — there's a right way and a wrong way to borrow money. We’re here to guide you.
    • If you have a credit card, keep your spending to essential items only and consult an Albert genius on your debt repayment plan.
    • Beware of high interest rate loans (with an APR over 20%).
    • If you have a family member or friend that’s willing to help you financially, make sure to keep track of all the details. Create a repayment plan and discuss the terms and timelines together.

 

 

Rebuilding

It's important to take the time to acknowledge that you’ve made it through a very difficult time in history. Moving forward, set your sights on rebuilding your financial life.

⚖️ Adjust your budget. With changes in your income, bills, and expenses, chances are your budget has changed, too. Take these changes into account as soon as possible, so you can settle into a routine. If you’re a Genius subscriber, text us for a custom budget.

💰 Rebuild your emergency fund. Plan to save at least 3 months’ worth of living expenses. Need help figuring out how long it’ll take you to save? Text Genius at 639-37 — we can map it all out based on your specific income and bills.

🔎 Reassess your financial priorities. Need to pay down debt that’s piled up? Or save up for a new car to go back to work? As the world shifts, so will your financial priorities. Text Genius for help identifying and reaching your short- and long-term goals.

 

 

Spending

With shifting COVID-19 restrictions, you may have more opportunities to go to restaurants, shops, and bars. Here are some ideas on how to financially prepare yourself:

👩‍💻 Track your purchases. Albert does the math for you — just launch the app and head to the Overview tab (📊). Review your spending on a weekly basis to keep yourself on track. If you're a Genius subscriber, text us for a customized spending breakdown — including analysis of your purchases and spending tips to help you reach your goals, big or small.

🛍 Practice the 24-hour rule. When you find something you want to buy, wait 24 hours to purchase it. This period gives you more time to pause and reflect on how that item would benefit your life before you buy it.

🗺 Plan ahead for any large purchases. As the world opens back up, you may need to save for big-ticket items, from rescheduled weddings to new vehicles. Whatever the expense, you can text Genius to make sure you’re prepared.

 

 

Insurance

Did you know? Some insurers have started offering lower payment options to their customers nationwide, even without state orders.

🏥 If you need support for COVID-19 prevention, testing, and/or treatment: See which health insurance companies are offering additional access and support to help you handle the pandemic.

🚑 Whether or not you have health insurance: You can get free vaccines, tests, and treatment for COVID-19. If you lost your coverage due to job loss, you can sign up for insurance through COBRA or the Affordable Care Act.

🚘 If you're not driving as much: Call your auto insurance company to ask for a lower rate. To prepare, here's an FAQ and a how-to guide.

 

 

Federal student debt

Federal student loans come with many protections and repayment options.

🥊 If you continue to pay, you could knock out some of the principal on your loan. You may benefit from taking advantage of available relief measures. If you’re a Genius subscriber, text us to review your current situation. 

Read the latest news on federal student loan relief here.

 

 

Private student debt

While private student loans weren’t paused, many lenders have offered other types of assistance due to COVID-19. Here’s what you need to know:

🤝 Financial hardship assistance is offered on a case-by-case basis. If you’re struggling to make payments on your private student loan, reach out to your lender to see if they offer any assistance due to COVID-19 or other hardships. For example, some lenders are offering extended payment plans, forbearance, or deferment.

🎓 Consider refinancing your student loan debt. Here is a list of current rates offered in the market. Text a Genius to discuss the best option for you.

Read the latest news on private student loan relief here.

 

 

Credit card debt

Making timely, minimum payments on your credit card is crucial to maintaining a healthy credit score. If you’re struggling to pay down your balance, we have a few recommendations.

⚡️ Build a debt repayment plan. Text Genius to come up with a plan to knock out your debt. We can forecast your debt-free date, build you a realistic budget, and send you customized advice.

💳 Talk to your credit card provider. Reach out to your credit card company and explain your situation. Your provider may be able to work with you to find a payment plan that’s right for you. If you’re a Genius subscriber, text us for tips on how to prepare.

⏰ Need a temporary solution? If your credit score is at 680 or above, a balance transfer or personal loan may make sense for you. Text a Genius to find out what your best option is.

 

 

Investments

“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.” —Warren Buffett. Or, in other words, 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 every investment carries a level of risk. Experts can help you assess (and reassess) both. Text Genius to talk through your risk tolerance.

🗣 Talk about your concerns. Worrying about losing on your investments is tough. But understanding is key to easing your anxiety. Talk to a genius about your investment worries — we’re here to help!

 

 

College savings plans

If you're a parent, there's no doubt the COVID-19 has triggered health and safety concerns. Perhaps it has even caused fear about your financial future — if you're worried about your investments in college savings plans, text a genius and we'll talk you through your options.

Read tips and guidance for protecting your family during the COVID-19 pandemic.

 

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