COVID-19 Money Saving Action Plan

We can and will overcome COVID-19! Programs and changes are coming out daily from federal and local governments, but we must take our future into our own hands. Now is the time to be on a severe discount search; remember that as the customer, you have the power. There is a lot of business that are putting out serious markdowns to get a warm body through the door. There are some situations they will deliver the discounts to your door. Change your perspective; this is your opportunity to lower your bills now and possibly in the future as well. Here are a few companies to call:

1)Insurance Companies-This is not the time to be loyal to a company; it about who can get you the best price and still cover your bare essentials. Ask them for every discount they have, along with if they have a deferral option. Does your home have multiple cars, but everyone is in the house locked down due to the quarantine or stay at home orders. Check to see if it’s possible to alter the insurance since one of the cars is parked for an extended timeframe. It should drop your coverage cost significantly. Finally, shop around for cheaper home insurance this should be a regular practice, but we get caught up in the everyday routine and forget this is a great time to check

2)Subscription Companies-All subscriptions that you have ranging from magazines to even cable. The more of these you can cut, the better. On the other hand, if you feel you need it possible, you can find a bundle deal or some sort. You can leave open the possibility that taking the cheaper package with

commercials at this time probably aren’t that bad.

3)Mortgage Companies-I know a mortgage company is not something you want to stay in constant contact with, but during this time, they can be your best friend or your worst enemy. The US Dept of HUD has announced that foreclosure is suspended for two months. Besides that, big banks such as Bank of America, Wells Fargo, and Citi are deferring or reducing monthly payments, removing or not applying late fees. It was also announced that if your payment is delayed, it is not currently being reported to the credit bureaus. If you have issues paying your mortgage or not, it might be smart to consider some of these options early. We don’t know how long this pandemic will last, and this might be the time to sure up some cash for the future.

4)Your Landlord-If you like your landlord or not, this is the time to communicate. Many cities and states that have paused eviction activity. Ask your landlord if they have some type of delay, lower rent plans that you can take advantage of. You may find yourself in a situation where you have to educate your landlord on the offerings that are available to them for their mortgage so that they can be more flexible with you on the rent. I applied the payment plan below for one of my tenants; maybe it might work for your landlord.

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