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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 does not include every company or financial product available on the market, we're proud that the guidance we offer and the information we offer as well as the tools we design are objective, independent simple, and completely free. How do we earn money? Our partners pay us. This may influence which products we write about (and the places they are featured on our site) however it doesn't affect our suggestions or recommendations that are based on many hours of research. Our partners do not pay us to guarantee favorable reviews of their products or services. .
Smart Money Podcast: Coronavirus Edition
by Liz Weston, CFP(r) Senior Writer | Personal Finance credit scores, economics, and personal finance Liz Weston, CFP(r), is a personal finance columnist co-host on"Smart Money," the "Smart Money" podcast, award-winning journalist and writer of 5 books on financial matters, among them the bestseller "Your Credit Score." Liz has appeared on many radio and national TV shows, including"Today, "Today" talk show "NBC nightly news,"" the "Dr. Phil" show and "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 was a writer columns for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She shares a home in Los Angeles with a husband along with a daughter and a golden retriever that is co-dependent.
and Sean Pyles Senior Writer | Personal finances and credit Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and practical advice on money, Sean provides real-world guidance that can help consumers better their financial lives. Beyond answering listeners' money concerns on "Smart Money," Sean also interviews guests who are not part of NerdWallet and creates special segments to explore topics like the racial inequality gap, how to start investing, and the history for student loans.
Before Sean was the host of podcasts at NerdWallet He also covered issues that dealt with consumer debt. His work has been published throughout the media including USA Today, The New York Times as well as other publications. When he's not writing about personal finance, Sean can be found working in the garden, taking walks, or taking his dog for long walks. He lives within Ocean Shores, Washington.
Mar 23 Mar 23, 2020
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Her previous experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in The University of Iowa.
Many or all of the products featured here come from our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .
Welcome to NerdWallet's Smart Money podcast, where we address your real-world money questions in 15 minutes or less.
This week's topic is the coronavirus pandemic and how to prepare financially in case of a consequences.
Be aware of where every penny is going to
Look for ways you can spend more on the things that you truly love and spend less on things you don't.
Our perspective
The financial effects associated with the new coronavirus as well as COVID-19 that it causes are likely to be profound, with many individuals losing their jobs or having their hours reduced as the economy slows. It may be too late to scratch together a three-month emergency fund but it's sensible to cut down on expenditure if you can and save some cash just to give yourself a modest buffer.
The ability to access credit could be beneficial in times of emergency, but also. People with good credit scores could be eligible to apply for a credit card that has a zero-interest teaser rate. People who don't have good credit might be tempted to get payday loans, but those could be extremely costly. Instead, look for . Think about other community resources, such as the Jewish Free Loan Association.
If you're unable to pay your bills, try to prioritize the necessities like shelter as well as food, utilities and transportation. Contact your lenders to see what hardship programs are available.
The financial crisis has also significant effects on the market for stocks and has caused wild swings because of all the economic uncertainty. If you're 10 years or more away from the money you've invested -- if your retirement is more than 10 years away such as, for instance -- it's okay to treat the volatility as background noise. If you're closer to retiring or are already retired, you may . Now is a good time to talk to an unpaid, fiduciary financial planner for a second opinion about whether your retirement plan and allocation of investments are still a good idea.
It's not surprising that people's travel plans have been upended. often doesn't cover this type of disruption, however .
Our tips
Focus on what you can manage, not what you aren't able to control. It is important to be informed, but not to take too much of the news that is negative. Consider limiting your time spent on news feeds.
Prioritize your bills. If you can't pay your bills in full pay for the most important things such as food, shelter and utilities, as well as transportation.
It is advisable to invest for the long run. The stock market will settle down and then rebound. If the end goal for your investment portfolio is greater than 10 years in the future, you can ignore the day-to-day swings.
More about coronavirus on NerdWallet:
Have a money question? Text us or call our number at 901-730-6373. We can be reached via email at . To hear previous episodes, visit the
Episode transcript
Sean Pyles: Hello and welcome to the NerdWallet Smart Money Podcast in which we address your questions about money within 15 minutes or less. I'm the host, Sean Pyles.
Liz Weston: And I'm Liz Weston. Always be sure to send us your money questions. Text us or call us at (901) 730-6373. That's (901) 730-NERD. Or email us at
Sean The host of this episode is Sean we're discussing a subject which we've had a lot of questions on in the past few weeks: coronavirus and how to prepare financially for its. The effects of the novel coronavirus and the COVID-19 disease which it causes are being felt in our economy. Many employees are seeing their hours cut or are being dismissed. The market is in a conniption and many are trying to figure out how to brace for the worst. that could mean bolstering your finances and for some, increasing your stock of toilet paper.
Liz: Sean, you have said that you thought that it was a joke, but then you realized it's not.
Sean: I went to the store late last night , and there were no shelves.
Liz: Yeah.
Sean Then I'm grateful to have one the Amazon subscriptions where I get something regularly because otherwise I'd be there, grabbing napkins. What's the likelihood? It's a serious issue. A lot of people are extremely anxious at the moment and many will be in a pretty difficult financial situation.
Liz Then in this episode of NerdWallet's Smart Money Show, we'll talk about how to prepare yourself mentally and financially and what you should do if you're unable to pay your bill, and why now is an ideal time to learn patience when it comes to investing.
Sean: All right, let's dive in.
Liz: Okay, let's start with the mental preparation aspect because I believe this is taking a toll for people in ways maybe they didn't anticipate.
Sean: Yeah.
Liz Sean: Sean, what's going on regarding you?
Sean: Well, I am definitely one to slide into a news hole when this occurs. It's only looking at Twitter as well as listening on the radio and getting really caught up with these instant-to-minute updates which to me causes me to feel stressed. I suppose I do it because I want to get back some sense of control, but in reality, I'm hearing about things that I don't have any control over. I believe that a lot of people are experiencing the same anxiety because this is a serious issue and there's a lot of uncertainty. So one thing that I would like to see happen just mentally is for people to be aware of their anxieties and not obsess over what they cannot control. Instead, try focusing on what you can control, like the amount you're washing your hands or the type of news that you're watching and the pace of your news consumption.
Liz: I think that putting certain limits on this is very clever. It's true that you need to be a prepared citizen, and you need to know what's going on However, I think that we all reach a point where it's just excessive.
Sean Says: Yeah I really like doing things that help me feel like I have some kind of a sense of self-control, like this. I deleted Twitter off my phone . I installed an extension to my web browser that makes it possible to only view it for five minutes per day. This way, when I have the urge to see something it's an information site and not just falling down the feed of people screaming into the void. Find a method to ensure that you are limiting what you're consuming because otherwise it's really easy to get all worked up about this kind of thing.
Liz: Yeah, absolutely.
Sean: I think that's great mentally, however there are many things you can do financially to prepare for the possibility of a situation such as this.
Liz The other day I was thinking about the experience of going into a supermarket store only to find how empty the shelves appear and you realize, oops, it's too far too late to get ready today.
Sean: Mm-hmm.
Liz: So there's only a certain amount you can do. For instance, if you've been living paycheck-to-paycheck pay and then you've quit your job I could advise you to keep a three-month emergency fund and it's like, "Well, that was extremely helpful." That's why, even in the event that 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 money aside. We at NerdWallet haven't been big on putting the emergency fund first because there are a lot of other financial priorities that generally must be considered which are more crucial in the long run. We do however want you to have at least an emergency fund, be it 500, 1,000, or anything to get you out of the pay check to paycheck trap that's very easy to fall into. So if you've got that you're doing congratulations. If you're in a situation that this might be just a bit early, we've some other suggestions for you.
Sean The subject is one I was thinking about , too. Many people are living paycheck-to-paycheck. They don't have an emergency savings account and now is really -- especially if your hours are cut this is the time you'll need to draw from that. The thing I'm thinking about here is that I'm aware that a lot of people are going to be using their credit cards, and if you don't have savings, I think that now might be a good time to apply for a 0 APR credit card that could offer a short-term cash buffer. Now, we don't typically suggest taking on the realm of debt, but if you need a bridge to cover expenses right now it could be an alternative. Be sure to make all of your payments punctually to ensure that your credit remains stable and that you strategy to pay off the debt before the 0 APR period is over. Because these cards are all credit cards have a fixed APR, your period is typically between 12 and 15 months , and after that , interest rates could rise to 15% or higher. Therefore, be aware of this.
Liz Liz: There are some alternatives in the form of alternatives to payday loans. When you search for payday loan alternatives, some of them will be listed and they're things like charitable organizations. I'm aware that the Jewish Free Loan Association is in the public domain saying, "Hey, we've got cash for those who need it." Short-term grants are a possibility. There are food banks. People are looking to help in a variety of ways. So there are alternatives in place of the payday loan. Payday loans are really scary.
Sean: Right.
Liz A: People take out the cash and end up in a situation in which they cannot pay it on time when payday rolls around and they just wind in debt, owing in debt, and aren't capable of regaining their feet. So if you're thinking of one of those loans consider looking for an alternative.
Sean says now is the perfect time to look to your local community and find out what resources are available. This is the time of year when a lot of these nonprofits and local community groups are moving into high gear since this is the event they've been preparing for. They're there to support you. However, the resources are limited and it can get really difficult when you lose your job. This is what many people, particularly in the service sector, are experiencing right now. In two weeks, they'll realize, "Hey, I can't pay all my bills at this moment." So I'd like to talk about this with you Liz, because this is going to be really hard, it's going to impact a ton of people. And Liz I'm aware that you wrote an article literally 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 be triage. That means you need to prioritize the most important items first. That's the most important things. It's food, the shelter, the roof that covers your head, lights heating, transportation in case you have to travel to work, or to go to the doctor, or wherever it is. These are the things that you must ensure you are protected no matter what. It is crucial to remind people of this because if they fall in arrears with their bills when collectors call, they get scared and pay whoever is being the most rude. You really need to put your family, and yourself first, and pay for the essentials. And then after that you conduct a second triage on the remainder of your bills. Which ones have the biggest negative consequences for not paying? What ones allow for some flexibility? Students loans as an example generally have a deferral or forbearance that allows you to get away with not making payments for a time.
The lenders are generally much more accommodating in bad times to letting people switch payment plans, or delay a payment or something similar to that however, you must remain in contact with them, you need to talk to them. If you just stop paying, you may have missed some sort of program that could benefit you and you could have affected your credit score for no good reason.
Sean: Yeah, this could be among those situations which you need to complete your work before the deadline. However, one thing I've been very pleased to observe in the last week is that lots of creditors are making plans to make sure they are ahead of the curve and saying, "Hey, we realize that things are pretty challenging right now. If you can't pay your bills contact us." But you do have to make the call.
Liz: Yes, absolutely. We talk in another podcast about how you can pay the IRS in the event that you're unable to make payments to the IRS. That's another thing that's coming out that people are grappling with. If you're facing an outstanding tax bill that cannot be paid, once again you have options to pay and don't shy away from them from looking for them, but it can really assist.
Sean He wants their money and they want to be able to work with you and build a good connection with your. Therefore, it's important to be proactive, which is most likely the last thing you want to be doing when fighting an illness and worry about getting some horrible illness. It takes around 10 minutes. Give them a call and try to figure this out because the one thing you do not would like to do is fall into default, which will ruin your credit score. This will make things harder for you in the future, in the event that you require an additional line of credit.
Liz: Exactly.
Sean: The other thing I want to turn to right now is people's investments. There's been a lot of worry about retirement accounts. We've seen the stock market drop sharply in the past couple of weeks. I'm curious about how people should look at this, and what to do if they're considering completely pulling out.
Liz Tell me what's happening with the stock market and the reason it's so volatile is that those who make the trades, the investors, look ahead, thinking, "This is going to affect the economy, but we don't know exactly how much." The stock market is averse to uncertain times, so you're seeing it go around the globe. If you're not planning to retire tomorrow, then this is basically noise to you. What's happening day to day and month-to-month, doesn't matter. What is important is what happens in the long term, over the coming 10, 20, 30 years. And we have the capacity as humans and as a country to rebound. Therefore, I believe that over the long term, our chances are excellent, and I'm planning to remain invested and I'm going to avoid paying any attention to the background noise. If you are about to retire you're in a different position. Go to a fee-only, fiduciary, accredited financial planner. You should have another pair of eyes look over your retirement plan to make sure it's still making sense.
Sean: OK, yeah it makes sense. It's another one of those instances that you have to be aware of the food you consume so that you don't get into a tense condition that leads to investing in things which could be detrimental to you 20-30 years down the line.
Liz says: What we saw, which was extremely interesting, was that a lot of people dived into the market. We had lots of people visiting the website initially as the stock market went down the first time, and I believe there were many people sitting on the sidelines thinking, "OK, here's my opportunity to buy." And then the floor fell out from underneath them and they're thinking, "Agghhhhh." But this is just part of investing, these things happen and we've experienced bear markets before, and we've experienced major corrections prior to that. It does bounce back. For those who are waiting on the sidelines, it's like, you're not going to be able to catch it prior to it starts to rise and, if the stock market does rebound and does so so fast, you'll miss the bulk all gains.
That's why every financial expert who is worth their weight is advising you to stick with the plan, establish an asset allocation and ensure that your investments continue to grow and not look at them.
Sean Take a moment to turn off the TV and read an ebook.
Liz: Exactly.
Sean: Put on some popcorn. All right, great. Another thing I'd like to touch on is travel plans. A lot of folks aren't planning to travel at the moment, but maybe they already have plans to Machu Picchu or who knows what else. But the good news is that a lot of airlines are actually making accommodations and removing cancellation charges, however the policies change every day it seems. 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. So if you've got travel in the near future, check that out and ensure that you again are taking a proactive approach to planning any trips that you might have in the near future.
Liz me: I've been a bit of astonished, actually as we've had to live with these awful change fees and non-refundable deposits and finger-wagging and to have all these travel agencies acknowledge this fact is amazing and as if, at the very least, they're doing that.
Sean Sean: Okay. I believe that's the only thing we can do. For folks that are getting anxious, perhaps a little financially uncertain be assured that you're not the only one, but know that there are some steps you can take to make this difficult time a little bit easier. So, let's look at our tips for success. The first is to focus on the things you control, not what aren't able to control. Second, if you can't pay all your bills pay for the basics including food, shelter, utilities, transportation. Lastly, during big market fluctuations like the ones we're experiencing at present, think about the long-term and not worry about the day-to-day fluctuations.
And that is all we have for this episode. Have a question about money that you'd like to ask? Contact the nerds, and contact us or text your question at (901) 730-6373 which is (901) 730-NERD. We can also be reached by email at and also visit nerdwallet/podcast for more information about this episode. Don't forget to rate, subscribe and review us whenever you're listening to this podcast.
Liz: And here's our brief disclaimer that was thoughtfully written by NerdWallet's legal team. The answers to your questions are provided by skilled and experienced financial writers, however we are not financial or investment advisors. This nerdy info is provided to general education and entertainment reasons and may not be applicable to your particular situation.
Sean Says: With that said, until the next time, turn into the Nerds.
Authors' Bios Liz Weston is a columnist for NerdWallet. She is certified as a financial planner and author of five books on money which include "Your Rating Score."
Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.
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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 does not include every company or financial product available on the market, we're proud that the guidance we offer and the information we offer as well as the tools we design are objective, independent simple, and completely free. How do we earn money? Our partners pay us. This may influence which products we write about (and the places they are featured on our site) however it doesn't affect our suggestions or recommendations that are based on many hours of research. Our partners do not pay us to guarantee favorable reviews of their products or services. .
Smart Money Podcast: Coronavirus Edition
by Liz Weston, CFP(r) Senior Writer | Personal Finance credit scores, economics, and personal finance Liz Weston, CFP(r), is a personal finance columnist co-host on"Smart Money," the "Smart Money" podcast, award-winning journalist and writer of 5 books on financial matters, among them the bestseller "Your Credit Score." Liz has appeared on many radio and national TV shows, including"Today, "Today" talk show "NBC nightly news,"" the "Dr. Phil" show and "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 was a writer columns for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She shares a home in Los Angeles with a husband along with a daughter and a golden retriever that is co-dependent.
and Sean Pyles Senior Writer | Personal finances and credit Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and practical advice on money, Sean provides real-world guidance that can help consumers better their financial lives. Beyond answering listeners' money concerns on "Smart Money," Sean also interviews guests who are not part of NerdWallet and creates special segments to explore topics like the racial inequality gap, how to start investing, and the history for student loans.
Before Sean was the host of podcasts at NerdWallet He also covered issues that dealt with consumer debt. His work has been published throughout the media including USA Today, The New York Times as well as other publications. When he's not writing about personal finance, Sean can be found working in the garden, taking walks, or taking his dog for long walks. He lives within Ocean Shores, Washington.
Mar 23 Mar 23, 2020
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Her previous experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in The University of Iowa.
Many or all of the products featured here come from our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .
Welcome to NerdWallet's Smart Money podcast, where we address your real-world money questions in 15 minutes or less.
This week's topic is the coronavirus pandemic and how to prepare financially in case of a consequences.
Be aware of where every penny is going to
Look for ways you can spend more on the things that you truly love and spend less on things you don't.
Our perspective
The financial effects associated with the new coronavirus as well as COVID-19 that it causes are likely to be profound, with many individuals losing their jobs or having their hours reduced as the economy slows. It may be too late to scratch together a three-month emergency fund but it's sensible to cut down on expenditure if you can and save some cash just to give yourself a modest buffer.
The ability to access credit could be beneficial in times of emergency, but also. People with good credit scores could be eligible to apply for a credit card that has a zero-interest teaser rate. People who don't have good credit might be tempted to get payday loans, but those could be extremely costly. Instead, look for . Think about other community resources, such as the Jewish Free Loan Association.
If you're unable to pay your bills, try to prioritize the necessities like shelter as well as food, utilities and transportation. Contact your lenders to see what hardship programs are available.
The financial crisis has also significant effects on the market for stocks and has caused wild swings because of all the economic uncertainty. If you're 10 years or more away from the money you've invested -- if your retirement is more than 10 years away such as, for instance -- it's okay to treat the volatility as background noise. If you're closer to retiring or are already retired, you may . Now is a good time to talk to an unpaid, fiduciary financial planner for a second opinion about whether your retirement plan and allocation of investments are still a good idea.
It's not surprising that people's travel plans have been upended. often doesn't cover this type of disruption, however .
Our tips
Focus on what you can manage, not what you aren't able to control. It is important to be informed, but not to take too much of the news that is negative. Consider limiting your time spent on news feeds.
Prioritize your bills. If you can't pay your bills in full pay for the most important things such as food, shelter and utilities, as well as transportation.
It is advisable to invest for the long run. The stock market will settle down and then rebound. If the end goal for your investment portfolio is greater than 10 years in the future, you can ignore the day-to-day swings.
More about coronavirus on NerdWallet:
Have a money question? Text us or call our number at 901-730-6373. We can be reached via email at . To hear previous episodes, visit the
Episode transcript
Sean Pyles: Hello and welcome to the NerdWallet Smart Money Podcast in which we address your questions about money within 15 minutes or less. I'm the host, Sean Pyles.
Liz Weston: And I'm Liz Weston. Always be sure to send us your money questions. Text us or call us at (901) 730-6373. That's (901) 730-NERD. Or email us at
Sean The host of this episode is Sean we're discussing a subject which we've had a lot of questions on in the past few weeks: coronavirus and how to prepare financially for its. The effects of the novel coronavirus and the COVID-19 disease which it causes are being felt in our economy. Many employees are seeing their hours cut or are being dismissed. The market is in a conniption and many are trying to figure out how to brace for the worst. that could mean bolstering your finances and for some, increasing your stock of toilet paper.
Liz: Sean, you have said that you thought that it was a joke, but then you realized it's not.
Sean: I went to the store late last night , and there were no shelves.
Liz: Yeah.
Sean Then I'm grateful to have one the Amazon subscriptions where I get something regularly because otherwise I'd be there, grabbing napkins. What's the likelihood? It's a serious issue. A lot of people are extremely anxious at the moment and many will be in a pretty difficult financial situation.
Liz Then in this episode of NerdWallet's Smart Money Show, we'll talk about how to prepare yourself mentally and financially and what you should do if you're unable to pay your bill, and why now is an ideal time to learn patience when it comes to investing.
Sean: All right, let's dive in.
Liz: Okay, let's start with the mental preparation aspect because I believe this is taking a toll for people in ways maybe they didn't anticipate.
Sean: Yeah.
Liz Sean: Sean, what's going on regarding you?
Sean: Well, I am definitely one to slide into a news hole when this occurs. It's only looking at Twitter as well as listening on the radio and getting really caught up with these instant-to-minute updates which to me causes me to feel stressed. I suppose I do it because I want to get back some sense of control, but in reality, I'm hearing about things that I don't have any control over. I believe that a lot of people are experiencing the same anxiety because this is a serious issue and there's a lot of uncertainty. So one thing that I would like to see happen just mentally is for people to be aware of their anxieties and not obsess over what they cannot control. Instead, try focusing on what you can control, like the amount you're washing your hands or the type of news that you're watching and the pace of your news consumption.
Liz: I think that putting certain limits on this is very clever. It's true that you need to be a prepared citizen, and you need to know what's going on However, I think that we all reach a point where it's just excessive.
Sean Says: Yeah I really like doing things that help me feel like I have some kind of a sense of self-control, like this. I deleted Twitter off my phone . I installed an extension to my web browser that makes it possible to only view it for five minutes per day. This way, when I have the urge to see something it's an information site and not just falling down the feed of people screaming into the void. Find a method to ensure that you are limiting what you're consuming because otherwise it's really easy to get all worked up about this kind of thing.
Liz: Yeah, absolutely.
Sean: I think that's great mentally, however there are many things you can do financially to prepare for the possibility of a situation such as this.
Liz The other day I was thinking about the experience of going into a supermarket store only to find how empty the shelves appear and you realize, oops, it's too far too late to get ready today.
Sean: Mm-hmm.
Liz: So there's only a certain amount you can do. For instance, if you've been living paycheck-to-paycheck pay and then you've quit your job I could advise you to keep a three-month emergency fund and it's like, "Well, that was extremely helpful." That's why, even in the event that 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 money aside. We at NerdWallet haven't been big on putting the emergency fund first because there are a lot of other financial priorities that generally must be considered which are more crucial in the long run. We do however want you to have at least an emergency fund, be it 500, 1,000, or anything to get you out of the pay check to paycheck trap that's very easy to fall into. So if you've got that you're doing congratulations. If you're in a situation that this might be just a bit early, we've some other suggestions for you.
Sean The subject is one I was thinking about , too. Many people are living paycheck-to-paycheck. They don't have an emergency savings account and now is really -- especially if your hours are cut this is the time you'll need to draw from that. The thing I'm thinking about here is that I'm aware that a lot of people are going to be using their credit cards, and if you don't have savings, I think that now might be a good time to apply for a 0 APR credit card that could offer a short-term cash buffer. Now, we don't typically suggest taking on the realm of debt, but if you need a bridge to cover expenses right now it could be an alternative. Be sure to make all of your payments punctually to ensure that your credit remains stable and that you strategy to pay off the debt before the 0 APR period is over. Because these cards are all credit cards have a fixed APR, your period is typically between 12 and 15 months , and after that , interest rates could rise to 15% or higher. Therefore, be aware of this.
Liz Liz: There are some alternatives in the form of alternatives to payday loans. When you search for payday loan alternatives, some of them will be listed and they're things like charitable organizations. I'm aware that the Jewish Free Loan Association is in the public domain saying, "Hey, we've got cash for those who need it." Short-term grants are a possibility. There are food banks. People are looking to help in a variety of ways. So there are alternatives in place of the payday loan. Payday loans are really scary.
Sean: Right.
Liz A: People take out the cash and end up in a situation in which they cannot pay it on time when payday rolls around and they just wind in debt, owing in debt, and aren't capable of regaining their feet. So if you're thinking of one of those loans consider looking for an alternative.
Sean says now is the perfect time to look to your local community and find out what resources are available. This is the time of year when a lot of these nonprofits and local community groups are moving into high gear since this is the event they've been preparing for. They're there to support you. However, the resources are limited and it can get really difficult when you lose your job. This is what many people, particularly in the service sector, are experiencing right now. In two weeks, they'll realize, "Hey, I can't pay all my bills at this moment." So I'd like to talk about this with you Liz, because this is going to be really hard, it's going to impact a ton of people. And Liz I'm aware that you wrote an article literally 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 be triage. That means you need to prioritize the most important items first. That's the most important things. It's food, the shelter, the roof that covers your head, lights heating, transportation in case you have to travel to work, or to go to the doctor, or wherever it is. These are the things that you must ensure you are protected no matter what. It is crucial to remind people of this because if they fall in arrears with their bills when collectors call, they get scared and pay whoever is being the most rude. You really need to put your family, and yourself first, and pay for the essentials. And then after that you conduct a second triage on the remainder of your bills. Which ones have the biggest negative consequences for not paying? What ones allow for some flexibility? Students loans as an example generally have a deferral or forbearance that allows you to get away with not making payments for a time.
The lenders are generally much more accommodating in bad times to letting people switch payment plans, or delay a payment or something similar to that however, you must remain in contact with them, you need to talk to them. If you just stop paying, you may have missed some sort of program that could benefit you and you could have affected your credit score for no good reason.
Sean: Yeah, this could be among those situations which you need to complete your work before the deadline. However, one thing I've been very pleased to observe in the last week is that lots of creditors are making plans to make sure they are ahead of the curve and saying, "Hey, we realize that things are pretty challenging right now. If you can't pay your bills contact us." But you do have to make the call.
Liz: Yes, absolutely. We talk in another podcast about how you can pay the IRS in the event that you're unable to make payments to the IRS. That's another thing that's coming out that people are grappling with. If you're facing an outstanding tax bill that cannot be paid, once again you have options to pay and don't shy away from them from looking for them, but it can really assist.
Sean He wants their money and they want to be able to work with you and build a good connection with your. Therefore, it's important to be proactive, which is most likely the last thing you want to be doing when fighting an illness and worry about getting some horrible illness. It takes around 10 minutes. Give them a call and try to figure this out because the one thing you do not would like to do is fall into default, which will ruin your credit score. This will make things harder for you in the future, in the event that you require an additional line of credit.
Liz: Exactly.
Sean: The other thing I want to turn to right now is people's investments. There's been a lot of worry about retirement accounts. We've seen the stock market drop sharply in the past couple of weeks. I'm curious about how people should look at this, and what to do if they're considering completely pulling out.
Liz Tell me what's happening with the stock market and the reason it's so volatile is that those who make the trades, the investors, look ahead, thinking, "This is going to affect the economy, but we don't know exactly how much." The stock market is averse to uncertain times, so you're seeing it go around the globe. If you're not planning to retire tomorrow, then this is basically noise to you. What's happening day to day and month-to-month, doesn't matter. What is important is what happens in the long term, over the coming 10, 20, 30 years. And we have the capacity as humans and as a country to rebound. Therefore, I believe that over the long term, our chances are excellent, and I'm planning to remain invested and I'm going to avoid paying any attention to the background noise. If you are about to retire you're in a different position. Go to a fee-only, fiduciary, accredited financial planner. You should have another pair of eyes look over your retirement plan to make sure it's still making sense.
Sean: OK, yeah it makes sense. It's another one of those instances that you have to be aware of the food you consume so that you don't get into a tense condition that leads to investing in things which could be detrimental to you 20-30 years down the line.
Liz says: What we saw, which was extremely interesting, was that a lot of people dived into the market. We had lots of people visiting the website initially as the stock market went down the first time, and I believe there were many people sitting on the sidelines thinking, "OK, here's my opportunity to buy." And then the floor fell out from underneath them and they're thinking, "Agghhhhh." But this is just part of investing, these things happen and we've experienced bear markets before, and we've experienced major corrections prior to that. It does bounce back. For those who are waiting on the sidelines, it's like, you're not going to be able to catch it prior to it starts to rise and, if the stock market does rebound and does so so fast, you'll miss the bulk all gains.
That's why every financial expert who is worth their weight is advising you to stick with the plan, establish an asset allocation and ensure that your investments continue to grow and not look at them.
Sean Take a moment to turn off the TV and read an ebook.
Liz: Exactly.
Sean: Put on some popcorn. All right, great. Another thing I'd like to touch on is travel plans. A lot of folks aren't planning to travel at the moment, but maybe they already have plans to Machu Picchu or who knows what else. But the good news is that a lot of airlines are actually making accommodations and removing cancellation charges, however the policies change every day it seems. 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. So if you've got travel in the near future, check that out and ensure that you again are taking a proactive approach to planning any trips that you might have in the near future.
Liz me: I've been a bit of astonished, actually as we've had to live with these awful change fees and non-refundable deposits and finger-wagging and to have all these travel agencies acknowledge this fact is amazing and as if, at the very least, they're doing that.
Sean Sean: Okay. I believe that's the only thing we can do. For folks that are getting anxious, perhaps a little financially uncertain be assured that you're not the only one, but know that there are some steps you can take to make this difficult time a little bit easier. So, let's look at our tips for success. The first is to focus on the things you control, not what aren't able to control. Second, if you can't pay all your bills pay for the basics including food, shelter, utilities, transportation. Lastly, during big market fluctuations like the ones we're experiencing at present, think about the long-term and not worry about the day-to-day fluctuations.
And that is all we have for this episode. Have a question about money that you'd like to ask? Contact the nerds, and contact us or text your question at (901) 730-6373 which is (901) 730-NERD. We can also be reached by email at and also visit nerdwallet/podcast for more information about this episode. Don't forget to rate, subscribe and review us whenever you're listening to this podcast.
Liz: And here's our brief disclaimer that was thoughtfully written by NerdWallet's legal team. The answers to your questions are provided by skilled and experienced financial writers, however we are not financial or investment advisors. This nerdy info is provided to general education and entertainment reasons and may not be applicable to your particular situation.
Sean Says: With that said, until the next time, turn into the Nerds.
Authors' Bios Liz Weston is a columnist for NerdWallet. She is certified as a financial planner and author of five books on money which include "Your Rating Score."
Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.
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