topic Re: The Covid-19 impact in Personal Finance

The Covid-19 impact

jetsfan2013 — Fri, 20 Mar 2020 14:03:44 GMT

Has the current/potential future economic uncertainity made you alter any decisions regarding your personal finances in 2020? I have decided to continue to focus on plowing through the remaining non-real estate debt I have, while staying faithfully in the garden the balance of the year, and holding off on a few home improvement projects until we get through this.

A vacation that was scheduled for early May has also been scrapped and likely pushed to 2021.

Re: The Covid-19 impact

iced — Fri, 20 Mar 2020 14:46:12 GMT

@jetsfan2013 wrote:
Has the current/potential future economic uncertainity made you alter any decisions regarding your personal finances in 2020? I have decided to continue to focus on plowing through the remaining non-real estate debt I have, while staying faithfully in the garden the balance of the year, and holding off on a few home improvement projects until we get through this.

A vacation that was scheduled for early May has also been scrapped and likely pushed to 2021.

Finance-wise, it's made me more eager to buy stock than I was going into the year. Our income streams are unaffected by the outbreak, and we already had about 2 years worth of expenses in cash on hand, so it's business as usual for our family.

We're still buying plane tickets and making hotel reservations, and as the dates draw near the decisions can be made to cancel or fly. Not going to paralyze future plans on the chance they'll be cancelled; instead, I'll just go business as usual until it's 100% certain they will need to be cancelled and address them then.

Re: The Covid-19 impact

CAS2019 — Fri, 20 Mar 2020 16:02:02 GMT

@jetsfan2013 wrote:
Has the current/potential future economic uncertainity made you alter any decisions regarding your personal finances in 2020? I have decided to continue to focus on plowing through the remaining non-real estate debt I have, while staying faithfully in the garden the balance of the year, and holding off on a few home improvement projects until we get through this.

A vacation that was scheduled for early May has also been scrapped and likely pushed to 2021.

I'm doing the same. Fortunately, I don't have massive debt so all (except mortgage) will be paid off in a couple of months. I'll continue to garden.

Re: The Covid-19 impact

GApeachy — Fri, 20 Mar 2020 17:13:04 GMT

@jetsfan2013 wrote:
Has the current/potential future economic uncertainity made you alter any decisions regarding your personal finances in 2020?

I'm struggling.....today is the first Friday ever that I cannot seem to make myself PIF anything. Just staring, wondering, and thinking what's a good game plan.

Re: The Covid-19 impact

Anonymous — Fri, 20 Mar 2020 18:45:41 GMT

I am just going to keep carrying on like usual. Same size payments towards my revolving balances that I have been making for months so I don't spook my creditors with a panic reaction while I continue to throw money into my DCU savings. I will probably extend my savings goal from $1K to $1500. I wish I could make it higher but I have Medicaid so I can't have more than $2K in assets.

I don't expect this crisis to affect me much. Both of my roommates have jobs that should be safe and I'm on SSDI so those checks should keep coming. Groceries will probably get inflated again when everything is over which would hit me pretty hard but I'm good at budgeting so I can figure it out. I feel for the people who are going to be struggling though.

Re: The Covid-19 impact

FlaDude — Fri, 20 Mar 2020 18:46:08 GMT

Unless there is a widespread recession, I don't expect any effects on my income, so I'm staying the plan of paying off my debt. That should take about 11 more months. Whatever happens in the future, it will be easier to handle without debt.

Re: The Covid-19 impact

GApeachy — Fri, 20 Mar 2020 18:47:13 GMT

@Anonymous wrote:
I am just going to keep carrying on like usual. Same size payments towards my revolving balances that I have been making for months so I don't spook my creditors with a panic reaction while I continue to throw money into my DCU savings. I will probably extend my savings goal from $1K to $1500. I wish I could make it higher but I have Medicaid so I can't have more than $2K in assets.

I don't expect this crisis to affect me much. Both of my roommates have jobs that should be safe and I'm on SSDI so those checks should keep coming. Groceries will probably get inflated again when everything is over which would hit me pretty hard but I'm good at budgeting so I can figure it out.

I was thinking about you as I posted above. I don't want to continue pif'ing....trying to hang on to some $$$$ a little bit more, yet I do worry about spooking my Banks. It's that budgeting aspect, a new budget, that I'm struggling with. When in doubt; don't.....so I'm just trying to decide how to hang on to some extra $ while appeasing my banks over the next few months at least. Thoughts?

Re: The Covid-19 impact

Anonymous — Fri, 20 Mar 2020 18:51:25 GMT

@GApeachy wrote:
@Anonymous wrote:
I am just going to keep carrying on like usual. Same size payments towards my revolving balances that I have been making for months so I don't spook my creditors with a panic reaction while I continue to throw money into my DCU savings. I will probably extend my savings goal from $1K to $1500. I wish I could make it higher but I have Medicaid so I can't have more than $2K in assets.

I don't expect this crisis to affect me much. Both of my roommates have jobs that should be safe and I'm on SSDI so those checks should keep coming. Groceries will probably get inflated again when everything is over which would hit me pretty hard but I'm good at budgeting so I can figure it out.
I was thinking about you as I posted above. I don't want to continue pif'ing....trying to hang on to some $$$$ a little bit more, yet I do worry about spooking my Banks. It's that budgeting aspect, a new budget, that I'm struggling with. When in doubt; don't.....so I'm just trying to decide how to hang on to some extra $ while appeasing my banks over the next few months at least. Thoughts?

Do what's best for you and don't worry about what the banks do. Banks gonna be banks regardless. As long as you don't default on anything, you'll be able to make up any losses in limits or cards later. If you're concerned about PIF, don't do it.

Re: The Covid-19 impact

jetsfan2013 — Fri, 20 Mar 2020 18:54:03 GMT

I had a family member who is under contract to buy their first home sound pretty stressed about the virus, as they work for a large hotel chain in sales, and feels the pressure from the top.

Re: The Covid-19 impact

Anonymous — Fri, 20 Mar 2020 19:05:35 GMT

@jetsfan2013 wrote:
I had a family member who is under contract to buy their first home sound pretty stressed about the virus, as they work for a large hotel chain in sales, and feels the pressure from the top.

Yeah anyone in hotels or travel is very nervous right now.

Re: The Covid-19 impact

sccredit — Fri, 20 Mar 2020 19:21:45 GMT

I am self employed so we are hoarding cash. We will continue to pay our bills but will probably carry balances for a couple months and reasses. We have some cash reserves that we will hold onto. I have clients a various industries and some are already affected so we don't know what the next couple months brings for sure. We have a summer vacation already booked and paid for so we'll see how long travel restrictions last.

Re: The Covid-19 impact

GApeachy — Fri, 20 Mar 2020 19:28:26 GMT

@Anonymous wrote:
Do what's best for you and don't worry about what the banks do.

True, what I can pay today does not mean I can do it a month from now. What I can save today does not mean I can do it a month from now. Think I'll save $$$$ for that rainy day starting today. I did secure funding last week as I thought that far enough ahead just as a safety net. Last time (2008) when we fell it was so hard I still have a bruise on my arse.

Re: The Covid-19 impact

Anonymous — Fri, 20 Mar 2020 19:40:38 GMT

@GApeachy wrote:
@Anonymous wrote:
Do what's best for you and don't worry about what the banks do.
True, what I can pay today does not mean I can do it a month from now. What I can save today does not mean I can do it a month from now. Think I'll save $$$$ for that rainy day starting today. I did secure funding last week as I thought that far enough ahead just as a safety net. Last time (2008) when we fell it was so hard I still have a bruise on my arse.

Yep. I still have BK PTSD. My BK falls off very soon, I'm not looking to have my perfect file tarnished again. My spending has come to a halt. I spent $0 that wasn't in my recurring budget this month. I had a game I ordered that was $107.24 and I got it refunded and put that money towards the Comcast bill for next month. I have another preorder that I'm debating on canceling (that one is essentially a 35% discount on a game I've been looking forward to for years so I may keep it but I'll decide on the 3rd when I get paid).

I am glad my roommates have stable jobs. One less thing for me to stress about right now.

Re: The Covid-19 impact

GApeachy — Fri, 20 Mar 2020 19:50:24 GMT

@Anonymous wrote:

I am glad my roommates have stable jobs. One less thing for me to stress about right now.

Yes!

Re: The Covid-19 impact

Revelate — Sat, 21 Mar 2020 00:22:17 GMT

Looking at it trying to be objective, I probably would've been a little less forgiving of one of my job's marriage proposal (job offer from contract to permanent) when the top line revenue is something like a 30K pay cut.

Yes their benefits are renowned in corporate America, I finally get a good 401K and it's a fantastic time for ESPP / RSU's to be sure, but it's added stability in a confused time especially when looking at it rationally if this drags on there will be job cuts to my own group but it's also a bunch of contractors of which I'm one currently and not one employee has been let go during my tenure there which is markedly different than the state of contractors.

I left Microsoft back in 1996, it's taken till now to get to a similarly solid company as an employee so I've been just fine with the state of play for the past 24 years, and I can't help but think COVID-19 is part of it. I'm actually surprised it was green lit at all with the outbreak but if they're ready to dance now, I'm a willing partner in the current environment.

To be fair to the company in question the role I currently have doesn't really value some of the skills I bring to the table which I would be paid for on the open market, but I can shift around later if needed and that should come with increased compensation if required.

Re: The Covid-19 impact

GApeachy — Sat, 21 Mar 2020 00:33:50 GMT

@Revelate

I read this 3x's......please dumb it down, lol!

Re: The Covid-19 impact

Trudy — Sat, 21 Mar 2020 01:12:39 GMT

The shelter in place and shut down of many places I go regularly has already saved me a bunch of cash. I'm in an industry that should not be negatively impacted so I feel rather secure with employment. In addition the reduced driving in this mad traffic area (not anymore though) while driving an SUV has added to my savings since I have to work from home...and have NO PLACE TO GO.

I'm praying for all of those facing uncertainty and/or financial hardship. It finally hit me and now clearly understand what flattening the curve means. I was one of those people living life like normal until I had no place to go. As our governer said "If you're living life like normal you're not doing enough". For the majority of people, the virus will die out within normal virus life time (as far as we know now). So social distancing and sheltering in place for a few weeks may allow many to rid themselves of this virus and reduce carriers, and more importantly, reduce the # of people that pass it on to someone who's body can't handle it. The more we comply with the recommendations the more time they have to learn and hopefully reduce the # of those infected and not overwhelm the healthcare system. And reduce the time we have to live this way.

Stay safe and God speed.

Re: The Covid-19 impact

Revelate — Sat, 21 Mar 2020 00:57:10 GMT

@GApeachy wrote:
@Revelate
I read this 3x's......please dumb it down, lol!

To put it a different way:

I turned Kinecta Credit Union down about 8 months ago for a 10k pay cut and yet I just accepted a 30k one (assuming it goes through). It's not apples to apples as the job at Kinecta should have been 30-40k higher than what I make now as I took a pay cut on the contract if we were talking my one and only job.

It's not all about the money but if we weren't in this confused time, I probably would have just kept what I was making contract.

Re: The Covid-19 impact

Trudy — Sat, 21 Mar 2020 01:39:22 GMT

@Trudy wrote:
The shelter in place and shut down of many places I go regularly has already saved me a bunch of cash. I'm in an industry that should not be negatively impacted so I feel rather secure with employment. In addition the reduced driving in this mad traffic area (not anymore though) while driving an SUV has added to my savings since I have to work from home...and have NO PLACE TO GO.

I'm praying for all of those facing uncertainty and/or financial hardship. It finally hit me and now clearly understand what flattening the curve means. I was one of those people living life like normal until I had no place to go. As our governor said "If you're living life like normal you're not doing enough". For the majority of people, the virus will die out within normal virus life time (as far as we know now). So social distancing and sheltering in place for a few weeks may allow many to rid themselves of this virus and reduce carriers, and more importantly, reduce the # of people that pass it on to someone who's body can't handle it. The more we comply with the recommendations the more time they have to learn and hopefully reduce the # of those infected and not overwhelm the healthcare system. And reduce the time we have to live this way.

Stay safe and God speed.

In addition, I personally feel if there are checks sent they should identify those whose income is most impacted and apply more to them. I personally don't need it and pray not to and know others may need every thing they can get and respect that. Having friends in the restaurant and bar industry (and there are others) who absolutely need it to survive now, I'm already making a list of how to divvy up my possible check from the government and provide it to those I care about who rely on tips, etc.

I couldn't imagine and hope not to have to. Again, God speed.

Re: The Covid-19 impact

GApeachy — Sat, 21 Mar 2020 09:59:25 GMT

@Trudy wrote:

I'm already making a list of how to divvy up my possible check from the government and provide it to those I care about who rely on tips, etc.

Yep, we already locked in funding last week to ensure we can take care of our employees and those extra checks will help with that as well.

@Revelate Okay, hahaha....kinda thought that's what you meant. Yeah, sometimes less is more. I love, have always loved being our own boss until Cr@p like this happens.