Perhaps the only good thing to come out of COVID-19, the disease caused by the new coronavirus, is the realization that we’re all in this together.
We at Codetic are committed to bringing you ways to protect yourself, your family and your finances from the spread of the virus.
We’ve rounded up topics that we think are most relevant to the situation we’re all living through right now. We’ll update it regularly to continue to bring you the most recent information.
How to Protect Yourself and Your Finances From the Coronavirus
Regardless of whether you contract the coronavirus or are simply affected by strategies that governments and businesses are implementing to help stop its spread, there are ways to lessen the impact on your finances.
We’ve broken down our coverage into categories so figuring out how to deal with your finances can be one less thing you need to stress about.
It’s tough to survive any crisis if there isn’t any money coming in.
If You’re an Hourly Worker for a Major Employer and Need Sick Leave
If you’re an hourly worker, you may face the dire choice of following CDC guidelines to stay home vs. your need to get a paycheck.
The Families First Coronavirus Response Act provides emergency funding to cover 14 days of paid sick leave at 100% of a worker’s salary, but the law does not apply to companies with more than 500 employees.
But these national companies have already amended their sick-leave policies — here’s how it affects you.
If You Need a Job Now
If you’ve recently been laid off, finding a job amid the spread of COVID-19 might seem unlikely. But Amazon is making a major hiring push in response to an influx of online shoppers due to the coronavirus.
The e-commerce giant plans to hire 100,000 part-time and full-time workers across the company’s distribution centers and delivery networks.
No resume or previous work experience is required, and applicants can start working in as soon as one week, according to Amazon’s new application portal.
How to Prepare Your Home (and Your Brain) for Remote Work
On its face, working from home seems like a win-win. Employees are less likely to get sick or spread disease, and companies are still getting productivity from their workforce. But working remotely may not be as easy as it sounds — especially on such short notice.
If you haven’t given remote work much thought before now, here’s what you’ll need to do to set up your home office so you can set yourself up for success.
How to Survive Unemployment
Whether you love your job or simply show up for the paycheck, a layoff due to the coronavirus could be devastating.
There are ways to prepare if you can see the layoffs coming, but even if the end comes as a surprise, there are ways to prepare yourself for the financial impact.
Check out these 15 ways to survive being laid off.
If You’re a Gig Worker
If you’re a gig worker — think delivery, freelance or ride-share workers — you probably already know that your job is unlikely to provide benefits like sick leave. And by the very nature of the job, you may not be able to work from home.
But some well-known gig companies have announced changes to their policies and app features that are aimed at curbing the spread of illnesses — with some companies announcing paid leave under certain conditions.
Here’s what workers can expect from gig companies as they respond to the coronavirus.
If You Need to Take a Sick Day
If you’re facing the decision between going to work sick and getting paid that day, it can be tough to listen to the recommendations of the CDC and miss out on a day of income.
If you’re faced with the difficult decision of staying home from a job without paid sick leave, here are some ways to make quick money from home, so you can hopefully get a little rest while still making rent.
If You’re a Parent With Kids
So the kids are out of school, daycare and pretty much every other activity. But you still have to work.
It’s not exactly the ideal work-from-home situation, but it is possible to find a balance without losing (most) of your sanity.
Here are seven tricks from successful work-from-home parents for finding that elusive balance between work and kids.
By staying calm and avoiding panic spending, you’ll emerge in better financial shape once the crisis has passed.
Create a Bare Bones Budget During a Crisis
A serious illness, the death of a family member, unexpected emergencies and job loss create precarious situations that force people to change their regular spending habits.
All of the above are possible amid the spread of COVID-19.
You might feel helpless in the midst of a crisis, but here are five actionable steps you can take to shift to a bare bones budget and stretch your dollars.
Avoid Overspending During Isolation
It’s no small matter to stock up on supplies at the same time you may be facing lost income due to quarantine.
Yes, your emergency fund should be there for just such an occasion, but considering we’re not sure how long it will take for the virus to run its course, you may need to rely on that fund for more than the short term. So spend wisely.
We have some suggestions to help you avoid overspending while taking coronavirus isolation precautions.
Stock Up Your Pantry
One way to save money while you’re stuck at home? Not blowing your money on endless takeout and deliveries.
By keeping these nine pantry essentials on hand at all times, you can cook up some delicious meals with minimal effort — that’s particularly helpful if you’re feeling too stressed or sick to produce Insta-worthy entrees.
Investments, Banking and Taxes
Keeping your money safe — and holding onto as much of it as possible — is important, but remember that this is still a moment in your financial life. Take a deep breath, and check out how to manage your financial accounts.
What to Consider Before Taking Advantage of the Coronavirus Tax Extension
Yes, you can get an extension for paying your taxes, but you still have to pay.
Most taxpayers who owe the IRS will now have until July 15 to make their payments, Treasury Secretary Steven Mnuchin said at a press conference Tuesday. During the 90-day window, taxpayers won’t be charged interest or penalties for what they owe from last year.
The IRS hasn’t released the full details of the extension, but here are a few things to keep in mind about the coronavirus tax extension if you haven’t filed your return.
What to Do About Your Retirement Accounts
If you looked at your 401(k) or IRA recently, it may be difficult to believe, but you shouldn’t panic and sell everything to hold onto whatever money you have left in your accounts.
Avoiding the stress of hourly updates on your investments is key to not only a balanced financial portfolio but your mental health, too.
It typically takes the stock market one to two years to correct itself, so a single day — or even a few weeks — of volatility should not change your long-term strategy.
Here’s what you should do about your retirement accounts when the stock market drops.
What Banks Are Doing to Help
When you’re stressed out, it can be easy to forget a bill’s due date or even how much you have in your checking account. But those pesky late payment and overdraft fees can make a bad situation even worse.
In addition to encouraging mobile banking to promote social distancing, many banks are stepping up to waive fees and help customers experiencing financial hardships.
Here’s a list of banks who have shared what kind of assistance is available for customers affected by the coronavirus.
Dealing With Debt
The decisions you make during a traumatic event could leave you dealing with long-term financial consequences, including a mountain of medical, credit card and student loan debt.
Here are some ways to help you weather the coronavirus pandemic without going into debt.
It’s a stressful time, but making money choices with a clear head — before anxiety or illness can set it — can help you emerge from the other side of this virus without suffering financial devastation, too. Together, we’ll all get through this.
Tiffany Wendeln Connors is a staff writer/editor at Codetic. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln.