With everything going on right now, money is definitely tighter for a lot of people. So, some financial experts offered some quick money and budgeting tips to help you out right now.
1. See what kind of help you qualify for- File for unemployment if you lost your job and check with credit card companies to see if they'll freeze your payments for a month or two. The government has also offered an extension on student loans through September.
2. Review and adjust your budget- Look through your last bank statement for anything on auto-pay that you don't really need right now. The stimulus checks people get should go to things like food and rent first.
3. Look for free and inexpensive ways to pass time- Your Netflix subscription is probably worth the money right now. But there are also free ways to kill time. For example, a lot of libraries will let you sign up online and access their digital books and movies for free. Oh and did I mention radio is free? (Shameless plug, I know.)
4. 401K Mistakes- According to this article on the New York Post, you don't want to borrow from your 401k, unless there's no other choice. You'll lose out when the market rebounds. Plus, the mistake a lot of people make is borrowing from it to pay off credit cards, but then they go bankrupt anyway. Retirement plans are usually protected from bankruptcy, so don't get into that money unless it's really necessary.
5. Look for a side-gig- Whether it's something you've always wanted to do or you're just trying to make a little extra money, now is a good time to get serious about it. Time is the one thing most of us do have more of right now. There are lots of local businesses currently hiring in Orlando and you can check them out here.
