Coping Financially During COVID-19

Tips, Strategies, and Tools

Tuesday, April 7, 2020

2:00pm – 3:00pm

• Updates on expanded services
• Financial assistance/relief by Fairfax County, Virginia and Federal governments.
• Budgeting tips and tools in time of crisis
• Tips and strategies when dealing with lenders and creditors
• To register by email: info@fecsoco.org
• Or call (703) 704-6101 for upcoming training sessions or visit FECSoCo.org 

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Rent is due this week for many Americans for the first time since the coronavirus outbreak erupted across the U.S. People across the country have been urging federal, state and local governments to institute a 120-day eviction moratorium as a record 3.3 million Americans have filed for unemployment in a crisis that could lead to nearly 50 million people losing their jobs. Virginians can apply for unemployment insurance through the Virginia Employment Commission – the one week waiting period has been waived. APPLY NOW!

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April is Financial Literacy Month, and this year it could not come at a more difficult time. The spread of the coronavirus has led parts of the country into a lockdown, skidded economic activity to a near halt, and overwhelmed hospitals with an every-growing inflow of patients. Although it may feel like a perfect storm, we also need to remember that it is during a storm that sailing lessons prove their worth. And by sailing lessons, I mean the skills that come form financial literacy.

3 Ways to make Financial Literacy Month count during the coronavirus.

1. We must share information about the coronavirus financial relief and stimulus programs out to those who need it. Will I get my stimulus check?
2. We should push for mandatory personal finance education in schools and (churches) starting next year.
3. Every household also needs emergency savings to help navigate turbulent times

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Would you like to improve your personal finances?

Try online financial literacy training!  Invest in YOU!

Your path to financial freedom, simplified. Sign-up for the 8-week learning course to financial literacy. Plus get tips on managing your money during times of crisis, delivered to your inbox. Visit: https://www.cnbc.com/money101/

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What is financial literacy? Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it. How s/he invests it and how that person donates it to help others.

During financially literacy month April 2020 we want to promote healthy financial habits for living in this uncertain financial climate.

1. BUDGET, budget, budget – renew, revise and update your current budget to adjust to your new income and prioritize your goals
2. REQUEST YOUR FREE CREDIT REPORT – many of us have more time to review your credit report – www.annualcreditreport.com
3. REVIEW YOUR FREE CREDIT REPORT for errors – report those errors asap.
4. You can do everything online.

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Tips and strategies when dealing with lenders and creditors

• Contact the lender/landlord/creditors/utilities ASAP
  • make arrangements for new payment schedule as needed
  • Student loans – StudentAid.gov – speak to your servicer to discuss your situation
  • Forbearance option – no payment for several months – payments are added at the end of your loan
  • Deferred payment option – smaller payments until you are able to resume normal payments
  • Get your new payment agreement in writing to ensure you understand your new agreement and adhere to it
  • The new payment agreement should not negatively affect your credit report or credit score

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Governor Northam is increasing access to healthcare for Virginia’s 1.5 million Medicaid members and thousands of low-income residents

These actions include:

• Eliminating all co-payments for services covered by Medicaid and Family Access to Medical Insurance Security (FAMIS) including COVID-19 related treatment as well as other medical care
• Ensuring Current Medicaid members do not inadvertently lose coverage due to lapses in paperwork or change in circumstances
• Permitting Medicaid members to obtain a 90-day supply of many routine prescriptions, and increase from the 30-day supply under previous rules.
• Waiving pre-approval requirements for many critical medical services, and enacting automatic extensions for approval already in place
• Expanding access to telehealth services, including allowing Medicaid reimbursement for providers who use telehealth with patients in the home.

Visit: commonhelp.virginia.gov

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At the 211 website, 211virginia.org , people can search for resources, view important alerts, and find out how to contact by email, chat or phone. People can dial 2-1-1. This is a free phone number that provides information about local resources such as food assistance, shelter, utility assistance, and healthcare. It is available 24 hours a day, 7 days a week. When someone dials 2-1-1, a trained professional listens to the situation and suggests sources of help using one of the largest databases of health and human services in Virginia. All referrals are confidential.

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If you are a worker who has been totally separated from your job due to Coronavirus, please note that no claim for unemployment insurance may be filed or processed until an actual lay off from employment has occurred, or until there has been an actual reduction in hours. When filing your claim for unemployment benefits, please be sure to check the reason for separation as lack of Work/Lay off. If you will be filing because of a reduction of hours, you will not receive benefits unless your gross earning are less than your weekly benefit amount. Currently, the maximum weekly benefit in Virginia is $378. Call the Customer Contact Center by calling 1-866-832-2363 Monday- Friday 8:30am-4:30pm.

OR

Online www.vec.virginia.gov/unemployed

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While you wait for your money to arrive, consider these options for what to do with it. The federal government may be about to send you a check. A coronavirus-related stimulus bill package that’s being debated in the Senate today includes a provision that would pay most American adults $1,200 each – amounts vary dependent on you family income up to $198,000.

In addition, each family with children will receive $500 per child under the age of 17. Here are seven smart ways to spend your money:

1. Tithe
2. Use it to live (food, shelter, insurance etc.)
3. Put it into an emergency fund
4. Pay down debt
5. Invest it
6. Blow some of it on fun stuff (not too much)
7. Donate it

If you owe child support you will not receive a stimulus check https://www.nbcnews.com/news/amp/ncna1170596

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