Seven Practical Tips to Manage Your Finances During the Covid 19 Crisis

By: Aimee L. Richter

  1. Don’t put your head in the sand. Sit down and list your monthly expenses and then make an action plan. See the budgeting spreadsheet.

  2. Call your credit card company. Many companies are being extremely responsive to people’s financial issues. They are giving extra time to pay without interest or penalties. Just ask!

  3. Call your landlord or mortgage company. See this post by Lisa Zeiderman. Most mortgage companies are allowing you to forbear payments and move them to the end of the mortgage to give you a few months to get back on track.

  4. Call your utility company. Most utilities will not stop services during this time. Just let them know you are having an issue with payment.

  5. I learned that certain car insurance companies are giving discounts across the board because people are not driving their cars as frequently. Give your insurance company a call. Check out this Forbes article for more information.

  6. Cancel or put a hold on monthly subscriptions that automatically renew. You may have forgotten about some or do not need them now. For example gym memberships, monthly subscription boxes or downloaded applications that charge by the month. It all adds up!

  7. New York Governor Cuomo issued an executive order requiring certain health insurers and HMOs to extend the period of payment of premiums for policy holders facing financial hardship during this time. If you have questions about this call your insurance company or insurance broker.

Most of all, don’t panic. We are all in this together.

Aimee Richter.png

Aimee L. Richter, Esq. is a partner of Lee Anav Chung White Kim Ruger & Richter LLP and the co-chair of the firm’s matrimonial and family law practice group. Aimee has been recognized as an outstanding lawyer in New York by several publications, including The New York Times and New York Magazine.

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