Across our great nation, families are being impacted financially by the COVID-19 pandemic. Whether you’re a servicemember whose spouse just lost their job, a small-business owner who’s been forced to close your doors, or a USAA employee whose spouse just took a big pay cut, none of us are immune to the impact.
My wife works in health care. Three of my co-workers have spouses in health care as well. All of us have recently been impacted financially as a result of the pandemic, from furloughs to pay cuts to stopping 401(k) matches — something we did not anticipate for the healthcare industry during a global health pandemic.
When my wife received a phone call on April 14 that her job was being impacted, we feared the worst— a furlough or complete lay off. I’m not sure we’ve ever been happier to hear “you are taking a pay cut” than at that moment. I wish I could say it stopped there, but the next day her employer announced there would be no bonuses and no more 401(k) match. Still, we felt thankful for her continued employment.
Since my household has now been impacted financially, I want to share how we are coping. My hope is that some of these tips might help others. I won’t pretend my situation is just like everyone else’s — I know that many have been impacted much more severely — but I am optimistic that we can take the following steps to soften the financial blow.
Many families are facing devastating situations, from losing their income completely to dealing with extreme health care challenges. In response, a lot of service providers and creditors are willing to help. (See USAA’s coronavirus response.) In addition to contacting your service providers and creditors, explore the following resources.
Take care, be safe and try to find the good among the bad during this situation. My wife and I have been enjoying walks in the evening when the weather cools down — a new ritual for us. So, while I hope the financial changes are only temporary, there are other steps (no pun intended) I hope to take into the future.
USAA believes the websites and resources used to gather this information are reliable; however, we cannot guarantee the accuracy or timeliness of the information.
270814 - 0420