There are a few financial moves to monitor during COVID19. It is easy to become overwhelmed with financial stress in this time.
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While so many are facing reduced hours or lost jobs with this global crisis, many have overlooked simple financial moves.
In the US, the deadline for filing taxes has been pushed back. Many people have opted to take advantage of the later filing date because preparing the forms is stressful.
However, everyone should go ahead and file their taxes for two main reasons.
- Refunds. If you file and are supposed to get a refund then you are putting yourself behind financially. The sooner you file, the earlier your refund gets to your account. This means you then have money to spend, pay bills, or save as needed.
- Stimulus. Many people will be getting quite a bit of stimulus money. If you have taxes filed for 2019 it means your stimulus money will be processed faster. The IRS is looking for 2019 filings and then in the absence of that they will look at 2018 filings.
Many people have been claiming they will not pay rent even if they have the money. They are trying to take advantage of the policies put in place to restrict evictions during the course of the lockdowns.
By not communicating with the landlords, these people are putting themselves at risk financially for the future. While the landlord may not be able to evict right now, they can still charge late fees. This will eat away at the security deposits that most certainly will not be refunded when these people move. Additionally, many of the people claiming to not have rent money are choosing to spend it on frivolous items. This means when the eviction moratorium is done they do not have an asset to liquidate for the rent payments.
It can be tough to keep up with financial obligations, but it is still our duty to monitor our finances through every situation. If you can afford to pay rent please do so. If you cannot afford it then please speak with your landlord to work out a payment plan. The goodwill you build from communication will go a long way!