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You are here: Home / Debt Freedom Progress / How Coronavirus is Impacting Our Debt Freedom Journey

How Coronavirus is Impacting Our Debt Freedom Journey

April 7, 2020 | Leave a Comment

coronavirus debt

Over the past month or so, the world has gotten pretty crazy. Most people aren’t leaving their homes and tens of thousands of people have died due to the coronavirus outbreak. Because of stay-at-home orders and businesses suffering, many people have also been laid off. This includes my husband. So, needless to say, there are some changes happening to our debt freedom journey (again).

Our Update

Coronavirus debt

This photo depicts how we are feeling about being stuck in the house (but seriously).

Besides going a little stir crazy being inside, there has also been a profound financial impact on our family, and many others. We are lucky enough to have one of us still working and we are able to get by on that, thankfully. However, my husband being out of work again is going to put a little damper on our bet freedom progress.

We will only be able to make minimum payments over the next few months. I have also chosen to take a forbearance on my student loans during this time to help ease financial stress in our home.

But, that’s honestly okay. We are both healthy, able to pay our bills, and staying at home a little more may help us save a bit, eh?

Small Win

One small financial win we had in March is we paid off an account, which will free up about $106 per month. For now, we will bank that extra cash to re-establish some additional emergency savings.

We’re in This Together

Thankfully, the impact on us is minimal compared to how others are being affected. We will recover from this fairly easily, even though it will put a damper on any big debt payoff progress.

I think the biggest thing to remember for everyone right now is you aren’t going through this alone. Everyone in the world is dealing with this. Hopefully, when all is said and done, it will bring the people of the world a little closer together.

Readers, how have your finances been impacted by the coronavirus outbreak? How are you dealing with it? 

If you need financial help at this time, the government is putting together programs to assist individuals with recovering from the pandemic. Read more about the CARES Act on SavingAdvice.com.

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Amanda Blankenship
Amanda Blankenship

Amanda is an editor and writer. She has a passion for sharing information that helps people and communities to better themselves in some way. In addition to writing online, she also freelances for local newspapers in her hometown of Charlotte, NC.

Filed Under: Debt Freedom Progress, Family Tagged With: coronavirus, coronavirus financial help, COVID19

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Five Steps To Debt Freedom

Here are five simple guidlines that will help you pay off debt.  

1) Get an emergency fund so you don’t take on debt when something comes up.

2) List your debts. This way you know where you stand.

3) Use the debt snowball. Pay your debts from smallest to largest, or most expensive to least expensive.

4) Avoid new debt. No new credit cards or loans. Period.

5) Go all cash. After everything is paid off, switch to all cash.

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The Free Checklist for a Strong Financial Plan

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Jackie Becks Debt Blog

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