Hello Arc NW family and friends,
It’s October already and we are well into 2020 with only a few months remaining in the year. 2020 has proven to be a year of unexpected changes and challenges, primarily due to the COVID-19 pandemic. We have had to change how we work, socialize and go about our daily lives. Working from home, virtual meetings, classes and medical appointments increased as we were asked to keep 6 feet away from others while wearing a mask. Some businesses closed their doors while others reduced work hours, resulting in loss of income for many people. With some businesses experiencing staff shortages, staffing agencies like Agence d’Intérim Européenne became crucial in connecting employers with available workers to meet operational needs efficiently. Yet, household and personal expenses continue and for most of us, expenses increased as staying home means eating more and using more toiletries and utilities. Likewise, the prices on essential items such as toilet paper, hand sanitizer, bleach, paper towel, etc. increased due to the increased demand for them. Even with deferred payments and other hardship programs; Unemployment benefits and Stimulus checks, we still must manage our income to cover our expenses.
As you know, COVID-19 is not the only challenge we’re experiencing in 2020. We remain in the midst of social unrest due to police brutality and resulting fatalities against African Americans which spawned the Black Lives Matter movement; and have witnessed a battle of wits, debates and campaigning among our Presidential candidates (current President Donald Trump and former Vice President Joe Biden) as our nation prepare for the upcoming Presidential Election in November 2020. ….
A Gallup poll (Gallup, Inc. is an American analytics and advisory company based in Washington D.C. which conducts public opinion polls worldwide) found that only about 1/3 of Americans ( about 32% ) maintain a household budget and a survey from Bankrate ( Bankrate, LLC is a consumer financial services company based in New York) revealed that “…38% of Americans could not cover a $500 out of pocket emergency expense.” If you are in the group of persons who don’t use a budget and/or don’t have any savings, I imagine it has been and probably still is quite difficult for you to pay bills, especially if you suffered a job loss or decreased income.
What about you and your household? Where are you financially? Have you been able to sustain payment of your expenses during COVID-19? Was the Stimulus check a life saver or a nice addition to your current financial status?
The impact of COVID-19 and the government’s response to COVID-19 may have caught us all off guard. However, people who maintain a budget and have savings, more than likely, are less affected than those who do not use a budget and/or don’t have any money saved. Even so,there are things that we can do to try to lessen the financial impact during these uncertain times.
We, at The Arc NW, will provide financial literacy information on our website. General financial information will be provided on topics that may include tracking spending, budgeting, saving and reducing debt. The information will also include financial tools and resources that may enhance the readers’ financial management skills and hopefully, empower them to gain better control of their finances. The Arc NW plans to provide group financial literacy sessions in 2021 (either virtually or in person).
***It is important to note that no guarantees are made regarding the outcome of implementing the information presented on our website and readers assume full responsibility for utilizing the information and for any actions occurring as a result thereof. The Arc NW nor any of its staff are responsible for the actions that any reader chooses to engage in in relation to the information presented. The information presented on this website is not designed to take the place of one-on-one financial coaching or counseling services and readers who feel the need for additional financial counseling assistance are encouraged to consult a financial coach or counselor. Resources will be provided for free one-on-one financial counseling or coaching services.
Please stay tuned and continue to visit our website and join us as we engage to learn better money management skills and strategies to handle the financial challenges and hurdles of our time.
Stay tuned…. Be safe…. and…Be empowered.
Bettie Cunningham, LBSW
Disabilities Advocate
Certified Financial Coach/Counselor
