October 31, 2020

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What To Do When You Have Used Your Emergency Savings

COVID-19 has put the economy in a devastating situation. Millions of Americans are left without a job. What if you’ve used up your emergency savings? What to do next? This article is here to answer this question and help you with a reliable and affordable financial consulting merchant account. 

No Emergency Savings? Need a Financial Consulting Merchant Account?

People are currently running low because of economic and job instability. COVID-19 has put many merchants out of business. Others are taking some measures to stay afloat. 

If you’re among merchants in need of reliable merchant services, including a secure and cheap financial consulting merchant account, turn to a reputable merchant processing company in the field.

Now, let’s see what you can do if your emergency funds are running out:

  • Financial advisor David R. Kuzma recommends reducing your spending and cutting unnecessary expenses.
  • Selling unnecessary items on platforms like Facebook Maketplace, eBay, OfferUP, NextDoor is another option to consider. Financial advisor Taylor Schulte thinks this is another step to take.
  • According to financial advisor Travis Gatzemeier, now, it’s important to take money from a Roth IRA if you have one.
  • Consider renegotiating your routine bills. This can help you free up extra funds. Just do some research to know how you can secure lower rates.
  • Contact your creditors to ask about credit hardship programs since these programs can help you temporarily lower interest rates and credit limits.
  • Consider doing an extra job to earn money. Financial advisor Chris Struckhoff offers driving for Uber or Lyft or using DoorDash or GrubHub for food delivery services. 
  • Financial planner Gregory J. Kurinec recommends seeing how much you could borrow against a HELOC if you have it in place already.
  • As Financial advisor Gabe Nelson says, it’s now easier to tap into your 401(k) thanks to the CARES Act. However, Nelson recommends doing this only if it’s a must.

COVID-19 has drastically impacted the way people live and work. So many Americans have lost their jobs since the beginning of the lockdown in March. Many of those who had emergency funds have already used them. If you’re in a situation like this, go through the points above to know what you can do next. 

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the most reliable and cheapest financial consulting merchant account in the field. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.