Have you been economically affected by the ongoing pandemic? If you’re in the private or public sector, you’re certainly not alone. Fortunately, there are a few simple ways to stay on top of your financial goals during this trying time – if you know where to go.
Maybe you’re trying to get a new business off the ground, need assistance with your current business, or you simply need an emergency fund. No matter what you’re trying to achieve in 2020, here are some helpful economic resources for Texans during the current downturn.
Defer Your Interest Payments
Are you carrying debt from student loans, consumer credit, or personal financing? If you’re struggling with your debt balance, you might be able to hold off on your interest payments to get ahead during this crisis.
Mortgage payment assistance might also be eligible for certain borrowers, from payment forbearance to forgiveness.
To find out if you’re eligible for interest forgiveness or deferral, contact your creditors to see what options are available to you.
Get a Title Loan
It’s possible to obtain financing even if you don’t have a sparkling credit score, don’t have equity on your home, or don’t want to give up your possessions for collateral. Title loan servicers are ample in Texas, and you can easily qualify for your first loan in a matter of minutes.
Auto title loans rely on the value of the borrower’s car for collateral, but applicants don’t need to forfeit the use of their car as long as they stay in good standing with the lender.
Consider searching for “title loans near me” for an alternative financing option that doesn’t depend on your income, credit, or past payment history.
Set Up Automatic Savings Transfers
No matter how much you make, you can add more to your savings without ever missing the money if you pay yourself first. This means that, when you receive an income payment, you should move a predetermined amount into savings as soon as the check hits your account.
To set up automatic savings transfers, you can either make this change through your employer’s payroll portal or your own banking app.
You can also shop with a savings app to round up your purchases, effectively saving a small amount every time you make an online purchase.
Enroll in Payroll Protection for Small Businesses
For Texas residents who are struggling with business expenses, particularly payroll, the government has initiated a Paycheck Protection Program to help small business owners stay afloat.
The original state order required applicants to apply before June 30, but individual lenders can offer relief options at their own discretion.
However, similar bank and lender programs can include a series of temporary loans to ensure that small companies are able to continue paying their employees, which funnels back into the economy.
Review Your Medical Plan
You might not think your health insurance is tied to your financial situation, but you could be eligible for a premium reduction if you’ve experienced a qualifying event. Furthermore, if you are currently satisfied with your medical insurance plan, you could be overpaying without even knowing it.
More than half of all bankruptcies in the U.S. are connected to medical costs, and the total amounts to about half a million consumers every year. If your medical insurance doesn’t cover the right expenses, you could still be stuck with out-of-pocket payments even if you have an active healthcare policy.
Call your insurance providers regularly to ask about ongoing reductions you might be eligible for, and whether there is a more affordable plan for your household’s needs.
This has been a financially stressful year, but these are just a few steps you and your family can take to stay ahead while the dust settles.
