The Covid-19 impact

[jetsfan2013]

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.

[iced]

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@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.

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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.

[CAS2019]

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@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.

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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.

[GApeachy]

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@jetsfan2013 wrote:

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

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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.

[Anonymous]

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. 

[FlaDude]

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.

[GApeachy]

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@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. 

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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?

[Anonymous]

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@GApeachy wrote:

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@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. 

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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?

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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. 

[jetsfan2013]

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.

[Anonymous]

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@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.

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