Many of us have been left wondering if a second stimulus check is on the horizon, given the economic relief granted by the CAREs Act earlier this year. This financial aid—granted in the form of student loan deferments and stimulus checks for those eligible—was crucial for many Americans amidst the ongoing pandemic. It’s natural to anticipate more financial support as the crisis continues to disrupt families and their finances.
Though the possibility of another stimulus check exists, there’s also uncertainty about when, if ever, such a plan will be finalized or who might be eligible. I always caution against factoring in money before it is guaranteed or in one’s possession. Should another stimulus check not be issued, consider the following steps to better manage your finances:
1. **Prioritize your bills**: The economic realities of 2020 necessitate cutting back on expenses. Understanding that you may not have the means to cover all your bills is the first step towards identifying essential expenses and eliminating non-essential ones. Priority expenses usually include housing, food, transportation, and utilities—what financial guru Dave Ramsey calls your “four walls”. Reducing expenses to cover these basic needs alleviates financial strain. Depending on your circumstances, you might need to negotiate payment plans with your landlord, mortgage, or utility companies. Consider downsizing or reducing transportation costs wherever possible.
2. **Leverage available freebies**: Times of crisis present opportunities to explore free or discounted goods and services. Couponing has skyrocketed in popularity and can save money on everyday expenses. Several websites can assist with your savings, including CouponChief, Rakuten, and RetailMeNot. Additionally, local food pantries and charity organizations can supplement food supplies. If your children are school-aged, keep an eye out for upcoming school supply giveaway events.
3. **Capitalize on your skills**: Unemployment or reduced work hours may require you to leverage your skills for extra income. My husband and I continually refine our skills to stay relevant and employable. If I were to lose my current job, I could consider content writing or marketing positions. My husband has restaurant managerial experience, making him employable in fast-food services.
4. **Boost your side hustle**: now’s an opportune moment to amplify your side hustle. Whether it’s selling unused items from home, freelancing, walking dogs, crafting, or working for delivery services like DoorDash or Instacart, there are many ways to supplement your income from the comfort of your own home. Evaluate your budget to determine how much extra income you need each month, and implement a plan of action.
While a second stimulus check may be comforting, it’s wise to plan for its absence or a delay in its issuance. The key is to reduce and prioritize expenses and find creative ways to supplement your income.
