Finding it Difficult to Repay Rent or Mortgage during COVID-19? Here are some Tips to Help
The Corona pandemic has caused a substantial economic crisis, whether at the global economic level or concerning the budgets of some of the greatest countries in the world. Industry, agriculture, import and export, and even public services have been paralyzed. Tons of people have lost their jobs and are struggling to manage everyday expenses.
If you’ve been affected by this pandemic too and haven’t been able to pay your mortgage or monthly rent, don’t worry. We’re here to share some tips that we think might help through this challenging time.
Tips to tackle financial hardships during Coronavirus
There is no need to purchase luxurious items like watches, sunglasses, toys, and video games at present. It would help if you convinced your family to support you in this. There’s no escape from temporary money-saving; therefore, it is better that this saving comes at the expense of luxury instead of basic life needs.
Take advantage of offers and discounts
Several stores are currently reducing their products’ prices to facilitate and speed up the sale process and obtain cash liquidity. There’s nothing wrong with saving some cash by purchasing essential commodities via these offers, and this advice is frankly required even in normal situations, away from the pandemic.
Ask for a temporary reduction in rent
Don’t let embarrassment prevent you from asking your homeowner to reduce the cost of your rent temporarily. You may offer to pay the deducted amount later.
This is better than taking bank loans, as the interests of bank loans are much higher, and they do not offer the flexibility you need. Your homeowner may be able to put your financial condition into consideration and help you out a little.
Reduce water and electricity consumption
This will help you greatly and unexpectedly. If you observe the energy consumption in your home, you will find that you are using more than you and your family need, which means higher bills and more burdens.
When you leave a room, remember to switch off the lights and fans. Similarly, please don’t leave the water tap opened when you aren’t using it, etc. These small changes will make a vast difference.
To wrap it up
The Corona crisis is just a phase, and it will undoubtedly pass. All of us have to endure it together and adapt to its circumstances to get out of it with the least possible losses.
By “losses” here, we mean financial damages as well as the psychological consequences that result from them. The secret lies in living smartly, saving what we can, and spending wisely.
More in Loans & Credit
Ellen DeGeneres and Portia de Rossi Show Off Their House-Flipping Skills Yet Again with This English Tudor Home
American comedian-TV host Ellen DeGeneres and Australian-American model-philanthropist Portia de Rossi are known for their mad skills in buying and selling...May 8, 2020
Eva Longoria Bids Adieu to this French-style Villa She Bought from Tom Cruise
After five years of owning it, American actress, producer, and businesswoman Eva Longoria has said “adieu” to this sprawling Hollywood Hills...May 4, 2020
Lessons From Financial Advisors For Small Businesses Regarding PPP Loans
As emergency federal loans became in-demand among small businesses, financial advisors not just aided clients but also applied for support to...April 30, 2020
Scott Disick Relists Farmhouse-Style L.A. Home at a Cheaper Price
Most people probably know Scott Disick for his on-off relationship with Kourtney Kardashian and his stints in their reality show,...April 29, 2020
Check Out How Dr. Oz And His Wife Lisa Built Their Mansion From Scratch
It’s been 20 years since Dr. Mehmet Oz, along with his wife Lisa, started their hunt for the perfect house where they...April 28, 2020
Former Brothers-in-Law Casey Affleck and Joaquin Phoenix Trade Their NYC ‘Crash Pad’ for a Little Over $3M
After a reported falling out, former friends and brothers-in-law Casey Affleck and Joaquin Phoenix have let go of the New York...April 27, 2020
Follow These Tips To Bag A Great Mortgage Deal Despite The Coronavirus Outbreak
If you are planning to acquire a mortgage during the coronavirus outbreak, then chances are you are experiencing more stress and...April 23, 2020
DJ Khaled’s Luxurious Miami House Has a Special Room Just for This Fashion Accessory
Another one – fans of DJ Khaled are familiar with this phrase because you can practically hear this in every song he is involved...April 21, 2020
Do You Need a Financial Lifeline Amidst the Current Crisis? Social Security Might Be the Answer
A whopping 16 million people living in the United States have reportedly lost their jobs as a consequence of the coronavirus...April 20, 2020