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How to Cope with Financial Concerns During the COVID-19 Pandemic

Pandemic Finances
Manage your money through uncertain times

The Coronavirus has hit both our health and our livelihoods, leaving many worried about lost jobs and looming layoffs. If money is on your mind, here are practical steps to manage your expenses right now.

There is no doubt these are challenging times. The Coronavirus has not only had a severe and unprecedented impact on our global health, but it’s also affected our livelihood. Fear of impending unemployment is a universal sentiment these days and many people have already lost their jobs. In fact, more than 500,000 people visited the New York State Department of Labor website to apply for unemployment insurance just last Thursday. If you are among those who have either lost their jobs or are worried about being laid off in the near future, there are things you can do to help manage your expenses right now.

1 Save as Much as You Can

Whether you are typically a saver or a spender, now is the time to save as much money as you possibly can and being forced into social isolation certainly makes it easier. Even if you are going into work every day, you are probably still saving on things like gas, entertainment and travel. Put the money you would have otherwise spent on those things into an emergency fund. If you are working from home and have to upgrade your WiFi, see if your company will contribute, so you aren’t burdened with the additional cost. Make sure to get refunds for any events you had previously paid for, but can no longer attend and put that money directly into the emergency fund. Also, remember to cancel autopay for things related to your workday commute and put those expenses into the fund, as well.

2 Spend Only on Necessities

When stuck at home, don’t fall into the online shopping trap. Inboxes seem to be endlessly flooded with emails offering deep discounts and free trials, but just because there is a sale on your favorite website, doesn’t mean you have to indulge. Try restricting yourself to things you absolutely need while stuck at home, such as groceries and supplies. An occasional treat is, of course, ok, but try to keep it to a minimum. Don’t forget to freeze or cancel gym memberships and make sure you aren’t paying for subscriptions you no longer need.

3 Get Creative with Employment

Regardless of what type of job you currently hold or previously held, think about your skills and whether they could be useful in a new digital capacity. Many businesses have moved online and might be looking for help. Perhaps you can offer your skills as a service to others, such as teaching, tutoring, cooking or writing. The point is not to restrict yourself to the confines of your current profession.

4 If You Can't Pay Your Bills

Be proactive and reach out to your creditors. Many organizations have been understanding during this time. Your landlord or mortgage company might allow you to skip payments for a few months, for example. It can’t hurt to ask, but waiting to discuss until you are contacted isn’t advisable.

5 Reduce Your Ongoing Expenses

This is the perfect time to reassess your budget and ongoing expenses to make sure you are getting the best deals possible. Are you overpaying for cable, phone or internet? How would you even know if you were? Companies commonly reserve their best deals for new customers, while existing customers tend to pay more for the same services. This is where Billshark can help you. Our experts will research the best deals and negotiate on your behalf to save you as much money as possible, so you don’t have to deal with long wait times and confrontations with salespeople. Contact Billshark to find out more.

Following the steps above will go a long way to easing your financial burden during the pandemic, so you can begin to enjoy your extra time at home.

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Frequently Asked Questions

How can I save money during the COVID-19 pandemic?

Save as much as you can and build an emergency fund. With social isolation, you are likely spending less on gas, entertainment and travel, so redirect that money into savings. Get refunds for events you can no longer attend, cancel autopay for commute-related costs, and ask if your employer will help cover a WiFi upgrade if you are working from home.

What should I spend money on while stuck at home?

Stick to necessities like groceries and supplies, and avoid the online shopping trap of deep discounts and free trials flooding your inbox. An occasional treat is fine, but keep it to a minimum. Freeze or cancel gym memberships and make sure you are not paying for subscriptions you no longer need.

What can I do if I can't pay my bills?

Be proactive and reach out to your creditors. Many organizations have been understanding during this time, and your landlord or mortgage company might let you skip payments for a few months. It can't hurt to ask, but waiting until you are contacted is not advisable.

How can I find work if I've lost my job?

Get creative with employment. Think about your skills and whether they could be useful in a new digital capacity, since many businesses have moved online and might be looking for help. You could offer skills as a service to others, such as teaching, tutoring, cooking or writing. Don't restrict yourself to the confines of your current profession.

How can Billshark help reduce my expenses?

Reassess your budget to see if you are overpaying for cable, phone or internet. Companies commonly reserve their best deals for new customers, while existing customers pay more for the same services. Billshark's experts research the best deals and negotiate on your behalf to save you as much money as possible, so you avoid long wait times and confrontations with salespeople.

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Billshark negotiates your bills for you — no savings, no fee.

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How to Cope with Financial Concerns During the COVID-19 Pandemic page context

How to Cope with Financial Concerns During the COVID-19 Pandemic is a Billshark page. It can help you with your bills and your choices, and it can show you how to save.

Worried about money during COVID-19? Learn how to save, cut spending, find work, and reduce bills so you can ease your financial burden.

Use this page to learn about Billshark. Then go to the part of the site that fits what you need. Small steps add up. You can save a lot over time.

We share this page to help you make sense of your monthly bills, your choices, and what to do next. Keep this page handy. Ask us if you get stuck.

This page links you to more help from Billshark. Use it when you want more detail or a clear next step. You can save a lot over time.

Got a question about a bill you pay each month? This page can help you find the best answer. Read on to learn more. Small steps add up.

Read each part of this page at your own pace. If you need more help, go on to a guide on your topic. It is free to read. Keep this page handy. Ask us if you get stuck.

We put facts and tips in one place. This makes it easy to learn about the bills you pay at home. We are here to help. It only takes a few minutes.

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Use the menu and the links to go from a big question to the facts that fit your own needs. Keep this page handy. Ask us if you get stuck.

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Come back to this page when you have a new question. It will still be here to help with bills and savings. You are in the right place. It is free to read.

We link the small choices you make each day to the big picture. That means your budget and what you spend at home. We make it easy for you.

Each part of this page helps you see what you need. It may be help with a plan, your account, or a good read. Read on to learn more. Small steps add up.

Use what you learn here to plan your questions. Look at your choices, then take the next step when you are ready. It is free to read. Keep this page handy.

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Good facts help you see why a bill went up. They also show you what to check before you call or reply. Keep this page handy. Ask us if you get stuck.

This page puts the key facts in one place. It can help you talk with a company about your bills and how to save. It only takes a few minutes. You are in the right place.

Our other pages explain the words you see on a bill. They also help you weigh the pros and cons of each plan. You can save a lot over time. We make it easy for you.

Our tips focus on real choices you can make. Start with the basics, then read a more detailed guide if you need one. Ask us if you get stuck. Read on to learn more.

This page is one of many that we share. Together they cover home costs, the firms you pay, and how to get help. You are in the right place. It is free to read.

Take your time and read this page first. It helps you see your choices and find out what to read next. We make it easy for you. We are here to help. It only takes a few minutes.

We set this page up so you can compare and keep reading. You will not need to hunt for what you want. Read on to learn more. Small steps add up. You can save a lot over time.

Monthly bills come with rules, terms, and fine print. This page helps you find the parts that count for you. It is free to read. Keep this page handy. Ask us if you get stuck.

Our pages give you a clear view of what you pay each month. You can then pick the plan or guide you want. We are here to help. It only takes a few minutes.

Some of our guides cover the basics. Others go into detail on one company or one type of bill. Small steps add up. You can save a lot over time. We make it easy for you.

It pays to read first and act later. This page links you to the next guide if you want to learn more. Keep this page handy. Ask us if you get stuck.

We share guides that help you make sense of your bills. They show your choices and the best next step. It only takes a few minutes. You are in the right place.

Want more detail on a bill, a plan, or your account? Check this page against the links we share here. You can save a lot over time. We make it easy for you.

We group our pages by topic to keep things simple. This helps you stay on track as you read about your costs. Ask us if you get stuck. Read on to learn more.

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This page is part of our help library. It gives you clear facts and links so you can keep on reading. We make it easy for you. We are here to help.

Your needs can change, so come back any time. Our other pages can help you look into a new cost or plan. Read on to learn more. Small steps add up. You can save a lot over time.

We laid out this page to help you get the facts and compare them. You can then choose your next step with ease. It is free to read. Keep this page handy.

The Coronavirus has hit both our health and our livelihoods, leaving many worried about lost jobs and looming layoffs.

There is no doubt these are challenging times.

Whether you are typically a saver or a spender, now is the time to save as much money as you possibly can and being forced into social isolation certainly makes it easier.

When stuck at home, don’t fall into the online shopping trap.

Regardless of what type of job you currently hold or previously held, think about your skills and whether they could be useful in a new digital capacity.

Be proactive and reach out to your creditors.

This is the perfect time to reassess your budget and ongoing expenses to make sure you are getting the best deals possible.

Following the steps above will go a long way to easing your financial burden during the pandemic, so you can begin to enjoy your extra time at home.

Save as much as you can and build an emergency fund.

Stick to necessities like groceries and supplies, and avoid the online shopping trap of deep discounts and free trials flooding your inbox.

Get creative with employment.

Reassess your budget to see if you are overpaying for cable, phone or internet.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

1 Save as Much as You.

2 Spend Only on Necessities.

3 Get Creative with Employment.

4 If You Can't Pay Your Bills.

5 Reduce Your Ongoing Expenses.

Frequently Asked Questions.

How can I save money during the COVID-19 pandemic?.

What should I spend money on while stuck at home?.

What can I do if I can't pay my bills?.

How can I find work if I've lost my job?.

How can Billshark help reduce my expenses?.

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