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).
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?
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.
- 25 Alarming Facts About Debt in America
- 5 Side Jobs That Help Pay Off Debt
- 3 Ways to Hack the 52-Week Money Challenge
- Have You Heard About Credit Karma’s 30-Day Debt Payoff Challenge?
Amanda Blankenship is the Director of Social Media for District Media. In addition to her duties handling everything social media, she frequently writes for a handful of blogs and loves to share her own personal finance story with others. When she isn’t typing away at her desk, she enjoys spending time with her daughter, husband, and dog. During her free time, you’re likely to find her with her nose in a book, hiking, or playing RPG video games.