ARIZONA, USA — We’ve all heard of the ways the coronavirus pandemic has had a negative impact on our economy, the stock market tanking, historic unemployment levels, businesses closing and people spending less.
But it’s not all bad news. We have 5 ways you can benefit from the economy during the outbreak.
“Pay attention to where your money is going,” said Jill Emanuel, a financial coach at Fiscal Fitness Phoenix.
It’s not all doom and gloom when it comes to the economy during the coronavirus pandemic.
Emanuel shares how you can come out on top at the end of the COVID-19 pandemic.
“The stimulus package really does start to offer a bit of hope,” she said.
That’s going to be an extra infusion of cash people weren’t counting on.
“Once the dust settles… they might have thousands of extra dollars to either improve their overall financial position,” she said. “Building themselves a good safety net or emergency fund, paying down debt or using that money to maybe make a home improvement that they’ve been putting off or into investments that they have been wanting to tackle this year.”
There are options for people who have lost income with the unemployment program passed with the stimulus package.
“You get approved for the state level then an additional $600 every week on top of it,’ said Emanuel. “In some cases, people might wind up actually bringing home more than what they were making from their 9-to-5 job.”
You may be able to catch a financial break at the bank or with a student loan.
“Especially the federal student loans, you can get a deferred payment for an entire six months with no interest accruing on it,” she said.
Keep an eye out for travel deals.
“The travel industry is really suffering right now with all of the travel restrictions, but they are really going to be looking for people to start traveling again in the fall once all of this has passed,” said Emanuel.
And don’t forget to support small businesses. It could end up paying off.
“So many of them are looking to their community to help them keep running and they’re offering some really great deals and discounts in order to do so,” she said.
If you look for opportunities rather than focusing on losses, you’ll see there is light at the end of the tunnel.
“Know that this too shall pass,” she added.
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