Here are three tips on how to make it through economic uncertainty:
- Get a survival job: It’s not time to focus on your larger career right now if you are out of work right now, according to Chatzky. There are seasonal, delivery and fulfillment center jobs available during the holidays. “Just get something to tide you through and continue to bring money in as these unemployment benefits start to lapse,” she said.
- Consider a coronavirus hardship loan and tap into state and local resources: 80% of credit unions, plus some banks, are offering Covid-19 hardship loans, Chatzky said, which may be a good option as a smaller loan to just get through a tough time. “There is money out there in the form of emergency grants,” she said. “Google your state or your locality and the words ‘emergency grants.’ Or if it's a matter of putting food on the table, pick up the phone, call 211 or go to 211.org to find out about the programs in your area.”
- Pull money from your 401 (k: “Provisions in the CARES Act have made it better at this point to pull money out than to borrow in many cases, which I know you never expected to hear me say ever,” Chatzky said. “But you can repay the money inside of three years and then you won't be charged penalties or interest.” She said it is something to look into if “you are at the end of your financial rope.”