Coping with a Loss of Income During COVID-19 — or Anytime

Planning cures panic. At least it’s always made me feel better. Whenever I get hit upside the head with anxiety, the first thing I do after taking a few deep breaths is to figure out what actions I can take to regain some semblance of control and peace of mind. We’re all trying to control as much as we can during this unprecedented time. If—among other things—you’re feeling on edge because you’ve recently seen a loss of income, or you’re afraid it may happen to you soon, here are the steps to take. Evaluate your emergency fund The first step is figuring out your essential monthly expenses. I’m talking the barest of the bare—mortgage/rent, utilities, internet, insurance, groceries. Whatever you need to stay in your home, stay fed, and stay protected. Once you calculate that number, multiply it by three. That number is the minimum amount you should keep in savings. Six months’ worth of necessary expenses would be better, but three is a start and more immediately achievable if you’re starting from scratch. Follow the remaining steps in order. But first, read the situations below to learn how to approach the steps: If you already lost your income, you should immediately start taking these steps. If you still have your income but don’t have three or more months of essential emergency savings as described above, take these steps to build your emergency savings as fast as possible. If you still have income and an appropriate amount of emergency savings, ...
Source: American Speech-Language-Hearing Association (ASHA) Press Releases - Category: Speech-Language Pathology Authors: Tags: Academia & Research Audiology Health Care Private Practice Schools Slider Speech-Language Pathology COVID-19 Practice Management Source Type: blogs