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Smart Money Podcast: Coronavirus Edition
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. And while our site doesn't include every business or financial product on the market however, we're confident that the advice we provide, the information we provide as well as the tools we design are independent, objective, straightforward -- and free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on our site), but it doesn't affect our advice or suggestions which are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive ratings of their goods or services. .
Smart Money Podcast: Coronavirus Edition
by Liz Weston, CFP(r) Senior Writer | Personal finance economics, credit scores, Liz Weston, CFP(r) is a personal finance columnist co-host of"Smart Money" podcast, co-host of "Smart Money" podcast an award-winning journalist, and the writer of 5 books on financial matters, among them the best-selling "Your credit score." Liz has appeared on numerous radio and national TV shows, including"Today, "Today" show "NBC nightly news,"" the "Dr. Phil" show and "All All Things Considered." Her columns are published through The Associated Press and appear in a variety of media outlets each week. Before joining NerdWallet, she wrote columns for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She shares a home in Los Angeles with a husband, a daughter and a golden retriever who is a co-dependent.
as well as Sean Pyles Senior Writer | Personal finances, credit Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer the listeners' questions about personal finance. With a focus on shrewd and practical advice on money, Sean provides real-world guidance to help people improve in their finances. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics such as the racial gap in wealth, how to start investing, and the history of college loans.
Before Sean was the host of podcasts at NerdWallet, he covered topics related to consumer debt. His work has been published in USA Today, The New York Times and other publications. When when he's not writing about personal finance, Sean can be found digging around the garden, taking runs , and taking his dog on long walks. Sean is located within Ocean Shores, Washington.
Mar 23 March 23, 2020
Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes copy editing and news for several Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communications and journalism from Iowa's University of Iowa.
A majority of the products we feature come from our partners, who pay us. This affects the products we review and where and how the product appears on the page. However, this doesn't influence our evaluations. Our opinions are our own. Here's a list and .
The NerdWallet Smart Money podcast, where we answer your real-world money questions in 15 minutes or less.
This week's theme is the coronavirus outbreak and how you can prepare financially to deal with the fallout.
Know where every dollar goes
Look for ways you can spend more on the things that you truly love and spend less on things that you don't.
Our perspective
The financial impact of the novel coronavirus as well as COVID-19, the disease it causes are likely to be severe, with a lot of individuals losing their jobs or having their hours reduced as economic growth slows. It's probably too late to put together a three-month emergency fund however it is wise to cut back on your expenditure if you can and save some cash just to give yourself a little cushion.
Having access to credit could be beneficial in times of crisis, as well. People with good credit scores may be able to open credit cards with a 0% teaser rate. For those who do not have good credit may be tempted to take out payday loans, but those aren't cheap and can be extremely expensive. Look instead for . Consider other community resources, for instance, The Jewish Free Loan Association.
If you can't pay all your bills, try to prioritize the most important things like shelter, food, utilities and transportation. Contact your lenders to see what hardship programs are available.
The economic crisis has also had a big impact on the market for stocks and has caused dramatic swings as a result of the uncertainty in the economy. If you're 10 years or more away from the money you have invested (if your retirement is more than 10 years away, for example -- you could treat the fluctuations to be background sound. If you're near retiring or are already retired, you may . Now is a good time to check in with an independent, fee-only financial planner for a second opinion about whether your retirement plans and investment allocation are still a good idea.
Of course, everyone's travel plans have been disrupted. often doesn't cover this type of disruption, however .
Our tips
Focus on what you control, not what you cannot control. It is important to be informed, but not to consume too much negative news. Consider limiting your time spent on watching news updates.
Prioritize your bills. If you're unable to pay your bills in full make sure you pay the essential such as food, shelter, utilities, transportation.
It is advisable to invest for the long run. The stock market will eventually settle and eventually recover. If your goal for your investment portfolio is greater than 10 years into the future, then you are able to put aside the fluctuations of the day to day.
More about coronavirus on NerdWallet:
Have a money question? Text or call to us on 901-730-6373. You can also email us at . To hear the previous episodes, visit the
Episode transcript
Sean Pyles: Hello and welcome on the Smart Money Podcast in which we address your money questions in 15 mins or less. I'm Sean Pyles.
Liz Weston: And I'm Liz Weston. Always be sure to send us your money questions. Contact us by phone or text by texting us at (901) 730-6373. That's (901) 730-NERD. You can also email us at
Sean: This episode, we're taking on a topic that we've received a number of questions about in the past few weeks: coronavirus and how to financially brace for it. The impact of the new coronavirus and COVID-19 disease that it triggers are already being felt in our economy. Many employees are seeing their hours reduced or being laid off. The stock market is having an upswing and people are trying figure out how to brace for the worst, and this means strengthening your financial position and for some people doubling your toilet paper stock.
Liz: Sean, you said you thought that was an absurdity, but you found it's not.
Sean Then I went to the store late last evening and found that there were no shelves.
Liz: Yeah.
Sean Then I'm grateful to have one those Amazon subscriptions that I just purchase every month because I'd be there, looking for napkins. Who knows? But it's definitely serious. A lot of people are really anxious right now and a lot of people are going to be in a pretty tight financial position.
Liz In this episode of NerdWallet's Smart Money Show, we'll discuss ways to prepare your financial and mental health, what to do if you can't pay your bills and why this is the perfect time to work on your patience when it comes to investing.
Sean"Sir": Alright Let's get started.
Liz: OK, let's begin with the mental preparation part because I think this is putting a strain upon people, in ways maybe they didn't expect.
Sean: Yeah.
Liz Sean: Sean is there something wrong about you?
Sean: Well, I am definitely one to fall down a news hole whenever something like this happens. For me, this means simply looking on Twitter or listening to the radio, and getting immersed in these moment-to-moment updates which to me causes me to feel anxious. I suppose I do this because I'm trying to regain any semblance or control. However, I'm just being exposed to events that I don't have any control over. And I think that most people are feeling similarly anxious because this is a serious issue and there's lots of uncertainty. One thing I believe is beneficial to think about is to recognize their stress and not get caught up in what they cannot control. Instead, focus on what you can control, like how much you're washing your hands or the kind of news you're watching and the pace of the news you consume.
Liz The idea of putting some limits on this is very intelligent. I mean, you need to be a prepared citizen, and you need to be aware of the current situation, but I think that we all reach a point at which it's excessive.
Sean Says: Yeah I really enjoy doing things that cause me to have some sort of semblance of self-control, like this. I deleted Twitter off my phone . I added an extension to my internet browser that limits it possible to only view it for five minutes each day. So, whenever I get that urge to check out something, I'm going to the news site instead of simply scrolling through the stream of screaming people into the void. Just find some way to make it so that you are limiting what you're consuming because otherwise it's really easy to get really annoyed by this sort of information.
Liz: Yeah, absolutely.
Sean I think that's good mentally, but there are plenty of ways you can take financially to be prepared for the possibility of a situation such as this.
Liz: I was thinking about the experience of going into a supermarket store and seeing there are no shelves, and you realize that it's too far too late to get ready today.
Sean: Mm-hmm.
Liz: So there's a limited amount you can do. If, for instance, you've been living from paycheck to paycheck and you just lost your job, I'll tell you to have an emergency fund for three months, and it's like, "Well, that was very helpful." That's why, even if you do have a job and you are still working, you want to be cautious regarding spending. However, you might need to set aside a bit of extra cash aside. We at NerdWallet have never been huge on the importance of having an emergency fund first because there are a lot of other financial considerations that need to be addressed which are more important over the long term. However, we would like you to have some kind of emergency fund, be it 500, 1,000, whatever to get you free from the paycheck to paycheck trap that's really easy to get into. So if you've got that good thing, then congratulations. If you're in a situation that this might be way too late, we've got some other suggestions for you.
Sean I'm sure that's something I was thinking about as well. Most people are living paycheck to paycheck. They do not have an emergency fund and, in the present timeparticularly if your hours are cut -- now is when you should tap this. One thing I'm thinking about right now is I know that a lot of folks will be using their credit cards, and in the event that you don't have savings I think that now might be a good time to apply for a 0 APR credit card that could provide a short-term cash reserve. Now, we don't typically suggest taking on the realm of debt, but if you require a bridge to pay for the cost of your current expenses it could be an alternative. Just make sure that you make all of your payments punctually to ensure that your credit is steady and you have a strategy to pay off the debt before the 0 APR period is over. Because all of these cards have a fixed APR, your period typically ranges between 12 and 15 months and after that interest rates can rise as high as 15%, or more. Be aware of it.
Liz Liz: There are other alternatives in the form of alternatives to payday loans. So if you search on payday loan alternatives, some of these will show up and they're things like charities. I know the Jewish [Free Loan Association] is on the market saying, "Hey, we've got money to help people." Short-term grants could be a possibility. Food banks are available. There are people who are trying to help in different ways. There are alternative options to payday loans. payday loan. Payday loans are really scary.
Sean: Right.
Liz: People borrow the money , and then they end up in a situation in which they cannot pay it back when payday comes and they end in debt, owing due, and then not being capable of regaining their feet. So anytime you're thinking about one of those loans take a look at alternatives.
Sean The moment is the perfect moment to take a look at your community and see what resources are available. This is the time when the majority of these organizations or local communities are getting into high gear because this is the event they've been planning for. They're here to assist you. However, the resources are limited and it's really hard when you do lose your job, as the majority of people, particularly in the service industry are going through right now. In a couple of weeks they'll be able to say, "Hey, I can't pay all of my bills right now." Therefore, I'd like to speak about that with you, Liz, because this is going to be a very difficult situation, and it's going to affect a ton of people. And Liz I'm sure you wrote an article that was titled "How to pay your bills when you aren't able to pay your bills." What are your thoughts on this?
Liz: You have to perform triage, which means you need to prioritize the most important things first. The most essential of these is. This includes food and shelter, roof over your head, lights and heat, transport, in case you have to travel to work or you need to go to the doctor or whatever it is. That's the basic things you need to protect regardless of what. It's important to remind people of this because if they are in the process of falling behind on their bills, collectors start calling and they get scared and pay whoever's being the nastiest. You really need to put your family and yourself, first and cover the most essential things. Then, you do a triage again on the other expenses. Which ones carry the most consequences for not paying? What ones allow for some flexibility? For example, student loans, for example, typically have some kind of deferral or forgiveness that allows you to avoid not paying for a while.
In general, lenders have been a lot more responsive in difficult times, allowing people to change payment plans or put off a payment or something similar to that, but you need to be in contact with them. You need to be talking with them. If you simply stopped paying, you could have missed some sort of program that could help you. You could also have hurt your credit for no legitimate reason.
Sean: Yeah, this is one of those situations which you need to complete your work before the deadline. One thing I've been very pleased to see in the past week is that lots of the creditors are creating programs to help get ahead of this and they're saying, "Hey, we realize that the situation is quite difficult in the present. If you're not able to pay your bills, give us a call." However, you must make the call.
Liz: Yes, absolutely. We talk in another podcast about how you can pay the IRS even if you aren't able to pay the IRS. So, that's the other issue that people are struggling with. If you're facing an unpaid tax bill you can't pay, again there are options for payment and don't shy away from them and try to find these out, but they could be a huge aid you.
Sean The people they want to work with are looking for their money, and they'd like to be able to collaborate with you and have an enjoyable rapport with you. Therefore, it's important to be proactive, which is, perhaps the last thing you want doing when suffering from a cold and are worried about contracting an illness that is a nightmare. But it takes about 10 minutes. Give them a call and attempt to figure this out because the most important thing you don't would like to do is fall into default, which will ruin your credit score, which can make things more difficult in the future in the event that you require a new line of credit.
Liz: Exactly.
Sean: A different thing I'm interested in right now is people's investments. There's been plenty of concern about retirement accounts. The stock market has seen plunge in the past couple of weeks. I'm wondering how you think people should approach this, and what to do if they're considering completely pulling out.
Liz The question is: What's going on with the market? And the reason for it being so volatile is that those who make the trades and the investors look ahead, thinking, "This is going to have an impact on the economy and we don't know the extent." The stock market is averse to uncertainty so that's why you're seeing it go around the globe. If you're not planning to retire today, then this is basically the same as noise to you. What's happening day to day and month-to-month, does not matter. What is important is what happens in the long term, over the next 10 20 years, 20, 30 years. And we have the capability as humans and as a society to bounce back. Therefore, I believe that over the long term, our chances are excellent, so I'm going to stay in the game and avoid paying much attention to the noise. If you are about to retire you're in a different position. Get yourself to a fee-only, fiduciary, accredited financial planner. You should have another eye on your retirement plan to make sure that it still makes sense.
Sean Sean: Okay, well it makes sense. This is one of those instances where you must be mindful of the food you consume so that you don't get into a tense situation where you're taking your money out that could harm you 20, 30 years from now.
Liz What we observed, and found really interesting, is a lot of people dived into the market. We saw a lot of visitors to our site when the market fell the first time. I think there were a bunch of people who were sitting around thinking, "OK, here's my buying opportunity." And then the floor fell out of the way and they're all like, "Agghhhhh." But this is just part of being an investor, this stuff happens and we've seen bear markets in the past, we've seen major corrections before. However, it does rebound. For those who are waiting on the sidelines, it's like, you're going to be able to stop it prior to it starts to rise and, when the market does begin to recover in the future, it usually does so so fast, you'll be missing the majority all gains.
Every financial expert that is of a high standard is telling you to just stick with the plan, establish an asset allocation, keep your investments going and try not to look at them.
Sean: Turn off the TV and go through the book.
Liz: Exactly.
Sean: Go ahead and put on some popcorn. All right, great. One last thing I wanted to touch on is travel plans. Many people don't want to travel at the moment, but maybe they have plans in place to travel to Machu Picchu or who knows exactly where. The positive side is that a lot of airlines are making accommodations and removing cancellation fees, but the rules are changing every day it appears. So we actually have a link on our show notes post at nerdwallet.com/podcast to an article that is just regularly updated with different airlines' cancellation policies. If you've got travel plans coming up, check that out and ensure that you're taking a proactive approach to planning any trips that may be in the near future.
Liz: I've been kind of astonished, actually as we've had to live with these awful fee for changes and deposits that aren't refundable and finger-wagging and to have all these travel agencies acknowledge this fact is amazing and as if, at the very least, they're trying to do that.
Sean Sean: Okay. I believe that's the only thing we can do. If you're anxious, perhaps being a bit unsure about your finances, know that you're not alone, but be aware of the ways to make this tough time a little bit easier. So, let's look at our tips for success. In the beginning, concentrate on what you are able to control, not what you can't. If you are unable to pay your bills on time pay for the necessities: shelter, food, utilities, transportation. Finally, in the event of major market volatility like what we're seeing at present, think about the long-term and not worry about the day to day swings.
And that is all we have to offer in this episode. Do you have a money question of your own? Turn to the nerds and contact us or text your question at (901) 730-6373 which is (901) 730-NERD. You can also contact us at nerdwallet@gmail.com for more details on this episode and remember to subscribe, rate and review us whenever you're listening to this podcast.
Liz Here's our brief disclaimer, thoughtfully crafted by the legal team at NerdWallet. Your questions are answered by knowledgeable and talented writers in the field of finance, but we're not financial or investment advisors. The information provided is for general educational and entertainment reasons and may not be applicable to your specific circumstances.
Sean and Sean said, until next time, we'll turn into the Nerds.
Authors' Bios Liz Weston is a columnist for NerdWallet. She is a certified financial planner as well as the author of five books on money which include "Your credit score."
Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His work has been published on The New York Times, USA Today and elsewhere.
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If you have any thoughts pertaining to exactly where and how to use 255 payday loan (paymeoq.site), you can get in touch with us at the web-site.
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. And while our site doesn't include every business or financial product on the market however, we're confident that the advice we provide, the information we provide as well as the tools we design are independent, objective, straightforward -- and free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on our site), but it doesn't affect our advice or suggestions which are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive ratings of their goods or services. .
Smart Money Podcast: Coronavirus Edition
by Liz Weston, CFP(r) Senior Writer | Personal finance economics, credit scores, Liz Weston, CFP(r) is a personal finance columnist co-host of"Smart Money" podcast, co-host of "Smart Money" podcast an award-winning journalist, and the writer of 5 books on financial matters, among them the best-selling "Your credit score." Liz has appeared on numerous radio and national TV shows, including"Today, "Today" show "NBC nightly news,"" the "Dr. Phil" show and "All All Things Considered." Her columns are published through The Associated Press and appear in a variety of media outlets each week. Before joining NerdWallet, she wrote columns for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She shares a home in Los Angeles with a husband, a daughter and a golden retriever who is a co-dependent.
as well as Sean Pyles Senior Writer | Personal finances, credit Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer the listeners' questions about personal finance. With a focus on shrewd and practical advice on money, Sean provides real-world guidance to help people improve in their finances. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics such as the racial gap in wealth, how to start investing, and the history of college loans.
Before Sean was the host of podcasts at NerdWallet, he covered topics related to consumer debt. His work has been published in USA Today, The New York Times and other publications. When when he's not writing about personal finance, Sean can be found digging around the garden, taking runs , and taking his dog on long walks. Sean is located within Ocean Shores, Washington.
Mar 23 March 23, 2020
Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes copy editing and news for several Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communications and journalism from Iowa's University of Iowa.
A majority of the products we feature come from our partners, who pay us. This affects the products we review and where and how the product appears on the page. However, this doesn't influence our evaluations. Our opinions are our own. Here's a list and .
The NerdWallet Smart Money podcast, where we answer your real-world money questions in 15 minutes or less.
This week's theme is the coronavirus outbreak and how you can prepare financially to deal with the fallout.
Know where every dollar goes
Look for ways you can spend more on the things that you truly love and spend less on things that you don't.
Our perspective
The financial impact of the novel coronavirus as well as COVID-19, the disease it causes are likely to be severe, with a lot of individuals losing their jobs or having their hours reduced as economic growth slows. It's probably too late to put together a three-month emergency fund however it is wise to cut back on your expenditure if you can and save some cash just to give yourself a little cushion.
Having access to credit could be beneficial in times of crisis, as well. People with good credit scores may be able to open credit cards with a 0% teaser rate. For those who do not have good credit may be tempted to take out payday loans, but those aren't cheap and can be extremely expensive. Look instead for . Consider other community resources, for instance, The Jewish Free Loan Association.
If you can't pay all your bills, try to prioritize the most important things like shelter, food, utilities and transportation. Contact your lenders to see what hardship programs are available.
The economic crisis has also had a big impact on the market for stocks and has caused dramatic swings as a result of the uncertainty in the economy. If you're 10 years or more away from the money you have invested (if your retirement is more than 10 years away, for example -- you could treat the fluctuations to be background sound. If you're near retiring or are already retired, you may . Now is a good time to check in with an independent, fee-only financial planner for a second opinion about whether your retirement plans and investment allocation are still a good idea.
Of course, everyone's travel plans have been disrupted. often doesn't cover this type of disruption, however .
Our tips
Focus on what you control, not what you cannot control. It is important to be informed, but not to consume too much negative news. Consider limiting your time spent on watching news updates.
Prioritize your bills. If you're unable to pay your bills in full make sure you pay the essential such as food, shelter, utilities, transportation.
It is advisable to invest for the long run. The stock market will eventually settle and eventually recover. If your goal for your investment portfolio is greater than 10 years into the future, then you are able to put aside the fluctuations of the day to day.
More about coronavirus on NerdWallet:
Have a money question? Text or call to us on 901-730-6373. You can also email us at . To hear the previous episodes, visit the
Episode transcript
Sean Pyles: Hello and welcome on the Smart Money Podcast in which we address your money questions in 15 mins or less. I'm Sean Pyles.
Liz Weston: And I'm Liz Weston. Always be sure to send us your money questions. Contact us by phone or text by texting us at (901) 730-6373. That's (901) 730-NERD. You can also email us at
Sean: This episode, we're taking on a topic that we've received a number of questions about in the past few weeks: coronavirus and how to financially brace for it. The impact of the new coronavirus and COVID-19 disease that it triggers are already being felt in our economy. Many employees are seeing their hours reduced or being laid off. The stock market is having an upswing and people are trying figure out how to brace for the worst, and this means strengthening your financial position and for some people doubling your toilet paper stock.
Liz: Sean, you said you thought that was an absurdity, but you found it's not.
Sean Then I went to the store late last evening and found that there were no shelves.
Liz: Yeah.
Sean Then I'm grateful to have one those Amazon subscriptions that I just purchase every month because I'd be there, looking for napkins. Who knows? But it's definitely serious. A lot of people are really anxious right now and a lot of people are going to be in a pretty tight financial position.
Liz In this episode of NerdWallet's Smart Money Show, we'll discuss ways to prepare your financial and mental health, what to do if you can't pay your bills and why this is the perfect time to work on your patience when it comes to investing.
Sean"Sir": Alright Let's get started.
Liz: OK, let's begin with the mental preparation part because I think this is putting a strain upon people, in ways maybe they didn't expect.
Sean: Yeah.
Liz Sean: Sean is there something wrong about you?
Sean: Well, I am definitely one to fall down a news hole whenever something like this happens. For me, this means simply looking on Twitter or listening to the radio, and getting immersed in these moment-to-moment updates which to me causes me to feel anxious. I suppose I do this because I'm trying to regain any semblance or control. However, I'm just being exposed to events that I don't have any control over. And I think that most people are feeling similarly anxious because this is a serious issue and there's lots of uncertainty. One thing I believe is beneficial to think about is to recognize their stress and not get caught up in what they cannot control. Instead, focus on what you can control, like how much you're washing your hands or the kind of news you're watching and the pace of the news you consume.
Liz The idea of putting some limits on this is very intelligent. I mean, you need to be a prepared citizen, and you need to be aware of the current situation, but I think that we all reach a point at which it's excessive.
Sean Says: Yeah I really enjoy doing things that cause me to have some sort of semblance of self-control, like this. I deleted Twitter off my phone . I added an extension to my internet browser that limits it possible to only view it for five minutes each day. So, whenever I get that urge to check out something, I'm going to the news site instead of simply scrolling through the stream of screaming people into the void. Just find some way to make it so that you are limiting what you're consuming because otherwise it's really easy to get really annoyed by this sort of information.
Liz: Yeah, absolutely.
Sean I think that's good mentally, but there are plenty of ways you can take financially to be prepared for the possibility of a situation such as this.
Liz: I was thinking about the experience of going into a supermarket store and seeing there are no shelves, and you realize that it's too far too late to get ready today.
Sean: Mm-hmm.
Liz: So there's a limited amount you can do. If, for instance, you've been living from paycheck to paycheck and you just lost your job, I'll tell you to have an emergency fund for three months, and it's like, "Well, that was very helpful." That's why, even if you do have a job and you are still working, you want to be cautious regarding spending. However, you might need to set aside a bit of extra cash aside. We at NerdWallet have never been huge on the importance of having an emergency fund first because there are a lot of other financial considerations that need to be addressed which are more important over the long term. However, we would like you to have some kind of emergency fund, be it 500, 1,000, whatever to get you free from the paycheck to paycheck trap that's really easy to get into. So if you've got that good thing, then congratulations. If you're in a situation that this might be way too late, we've got some other suggestions for you.
Sean I'm sure that's something I was thinking about as well. Most people are living paycheck to paycheck. They do not have an emergency fund and, in the present timeparticularly if your hours are cut -- now is when you should tap this. One thing I'm thinking about right now is I know that a lot of folks will be using their credit cards, and in the event that you don't have savings I think that now might be a good time to apply for a 0 APR credit card that could provide a short-term cash reserve. Now, we don't typically suggest taking on the realm of debt, but if you require a bridge to pay for the cost of your current expenses it could be an alternative. Just make sure that you make all of your payments punctually to ensure that your credit is steady and you have a strategy to pay off the debt before the 0 APR period is over. Because all of these cards have a fixed APR, your period typically ranges between 12 and 15 months and after that interest rates can rise as high as 15%, or more. Be aware of it.
Liz Liz: There are other alternatives in the form of alternatives to payday loans. So if you search on payday loan alternatives, some of these will show up and they're things like charities. I know the Jewish [Free Loan Association] is on the market saying, "Hey, we've got money to help people." Short-term grants could be a possibility. Food banks are available. There are people who are trying to help in different ways. There are alternative options to payday loans. payday loan. Payday loans are really scary.
Sean: Right.
Liz: People borrow the money , and then they end up in a situation in which they cannot pay it back when payday comes and they end in debt, owing due, and then not being capable of regaining their feet. So anytime you're thinking about one of those loans take a look at alternatives.
Sean The moment is the perfect moment to take a look at your community and see what resources are available. This is the time when the majority of these organizations or local communities are getting into high gear because this is the event they've been planning for. They're here to assist you. However, the resources are limited and it's really hard when you do lose your job, as the majority of people, particularly in the service industry are going through right now. In a couple of weeks they'll be able to say, "Hey, I can't pay all of my bills right now." Therefore, I'd like to speak about that with you, Liz, because this is going to be a very difficult situation, and it's going to affect a ton of people. And Liz I'm sure you wrote an article that was titled "How to pay your bills when you aren't able to pay your bills." What are your thoughts on this?
Liz: You have to perform triage, which means you need to prioritize the most important things first. The most essential of these is. This includes food and shelter, roof over your head, lights and heat, transport, in case you have to travel to work or you need to go to the doctor or whatever it is. That's the basic things you need to protect regardless of what. It's important to remind people of this because if they are in the process of falling behind on their bills, collectors start calling and they get scared and pay whoever's being the nastiest. You really need to put your family and yourself, first and cover the most essential things. Then, you do a triage again on the other expenses. Which ones carry the most consequences for not paying? What ones allow for some flexibility? For example, student loans, for example, typically have some kind of deferral or forgiveness that allows you to avoid not paying for a while.
In general, lenders have been a lot more responsive in difficult times, allowing people to change payment plans or put off a payment or something similar to that, but you need to be in contact with them. You need to be talking with them. If you simply stopped paying, you could have missed some sort of program that could help you. You could also have hurt your credit for no legitimate reason.
Sean: Yeah, this is one of those situations which you need to complete your work before the deadline. One thing I've been very pleased to see in the past week is that lots of the creditors are creating programs to help get ahead of this and they're saying, "Hey, we realize that the situation is quite difficult in the present. If you're not able to pay your bills, give us a call." However, you must make the call.
Liz: Yes, absolutely. We talk in another podcast about how you can pay the IRS even if you aren't able to pay the IRS. So, that's the other issue that people are struggling with. If you're facing an unpaid tax bill you can't pay, again there are options for payment and don't shy away from them and try to find these out, but they could be a huge aid you.
Sean The people they want to work with are looking for their money, and they'd like to be able to collaborate with you and have an enjoyable rapport with you. Therefore, it's important to be proactive, which is, perhaps the last thing you want doing when suffering from a cold and are worried about contracting an illness that is a nightmare. But it takes about 10 minutes. Give them a call and attempt to figure this out because the most important thing you don't would like to do is fall into default, which will ruin your credit score, which can make things more difficult in the future in the event that you require a new line of credit.
Liz: Exactly.
Sean: A different thing I'm interested in right now is people's investments. There's been plenty of concern about retirement accounts. The stock market has seen plunge in the past couple of weeks. I'm wondering how you think people should approach this, and what to do if they're considering completely pulling out.
Liz The question is: What's going on with the market? And the reason for it being so volatile is that those who make the trades and the investors look ahead, thinking, "This is going to have an impact on the economy and we don't know the extent." The stock market is averse to uncertainty so that's why you're seeing it go around the globe. If you're not planning to retire today, then this is basically the same as noise to you. What's happening day to day and month-to-month, does not matter. What is important is what happens in the long term, over the next 10 20 years, 20, 30 years. And we have the capability as humans and as a society to bounce back. Therefore, I believe that over the long term, our chances are excellent, so I'm going to stay in the game and avoid paying much attention to the noise. If you are about to retire you're in a different position. Get yourself to a fee-only, fiduciary, accredited financial planner. You should have another eye on your retirement plan to make sure that it still makes sense.
Sean Sean: Okay, well it makes sense. This is one of those instances where you must be mindful of the food you consume so that you don't get into a tense situation where you're taking your money out that could harm you 20, 30 years from now.
Liz What we observed, and found really interesting, is a lot of people dived into the market. We saw a lot of visitors to our site when the market fell the first time. I think there were a bunch of people who were sitting around thinking, "OK, here's my buying opportunity." And then the floor fell out of the way and they're all like, "Agghhhhh." But this is just part of being an investor, this stuff happens and we've seen bear markets in the past, we've seen major corrections before. However, it does rebound. For those who are waiting on the sidelines, it's like, you're going to be able to stop it prior to it starts to rise and, when the market does begin to recover in the future, it usually does so so fast, you'll be missing the majority all gains.
Every financial expert that is of a high standard is telling you to just stick with the plan, establish an asset allocation, keep your investments going and try not to look at them.
Sean: Turn off the TV and go through the book.
Liz: Exactly.
Sean: Go ahead and put on some popcorn. All right, great. One last thing I wanted to touch on is travel plans. Many people don't want to travel at the moment, but maybe they have plans in place to travel to Machu Picchu or who knows exactly where. The positive side is that a lot of airlines are making accommodations and removing cancellation fees, but the rules are changing every day it appears. So we actually have a link on our show notes post at nerdwallet.com/podcast to an article that is just regularly updated with different airlines' cancellation policies. If you've got travel plans coming up, check that out and ensure that you're taking a proactive approach to planning any trips that may be in the near future.
Liz: I've been kind of astonished, actually as we've had to live with these awful fee for changes and deposits that aren't refundable and finger-wagging and to have all these travel agencies acknowledge this fact is amazing and as if, at the very least, they're trying to do that.
Sean Sean: Okay. I believe that's the only thing we can do. If you're anxious, perhaps being a bit unsure about your finances, know that you're not alone, but be aware of the ways to make this tough time a little bit easier. So, let's look at our tips for success. In the beginning, concentrate on what you are able to control, not what you can't. If you are unable to pay your bills on time pay for the necessities: shelter, food, utilities, transportation. Finally, in the event of major market volatility like what we're seeing at present, think about the long-term and not worry about the day to day swings.
And that is all we have to offer in this episode. Do you have a money question of your own? Turn to the nerds and contact us or text your question at (901) 730-6373 which is (901) 730-NERD. You can also contact us at nerdwallet@gmail.com for more details on this episode and remember to subscribe, rate and review us whenever you're listening to this podcast.
Liz Here's our brief disclaimer, thoughtfully crafted by the legal team at NerdWallet. Your questions are answered by knowledgeable and talented writers in the field of finance, but we're not financial or investment advisors. The information provided is for general educational and entertainment reasons and may not be applicable to your specific circumstances.
Sean and Sean said, until next time, we'll turn into the Nerds.
Authors' Bios Liz Weston is a columnist for NerdWallet. She is a certified financial planner as well as the author of five books on money which include "Your credit score."
Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His work has been published on The New York Times, USA Today and elsewhere.
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