• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

Ways To Consolidate Your Debt So You Can Keep Your Stimulus 

March 22, 2021 by Annie

Many Americans are facing unprecedented times. Besides limitations on where they can go and what they can do, their income is stagnant. It’s an uncomfortable situation that can leave you feeling hopeless regarding your finances. The good news is prospects for a new stimulus check look promising. Now is a great time to address your debt so that you can keep your stimulus money for something you want.

Hardest Hit

Restaurants, hotels, airlines and sporting and entertainment industries received the hardest blow during the pandemic. Unfortunately, these types of places are difficult to socially distance. As a result, thousands of businesses that employed people either shut down or reduced their staff significantly. Nearly a year later, many of these businesses are not open at full capacity.

Consolidating Debt

With reduced incomes, many Americans used credit cards. Unfortunately, credit cards often contain high interest rates, some upwards of 25% or more. Carrying a large balance only enhances the problems, slowly increasing the minimum required monthly payment. If you have credit card debt, there are things you can do to reduce it.

Instead of using your stimulus to pay down your debt, you can turn to financial tools like debt consolidation loans.  They offer much lower interest rates and a single monthly payment. This lets you pay down debt faster and free up money from your budget and keep the stimulus for the intended purpose.

Credit cards aren’t the only type of debt accumulated over the past year. Many Americans report being behind on everything from housing costs to medical expenses. Consumers can use financial tools like short-term loans to get back on track. You can receive as much as $2,000 to use on outstanding debts like the rent, mortgage, utilities, or insurance costs. Then, you can repay the loan in installments.

When you pay down your debt, you will be able to spend more money stimulating the economy because you won’t be sinking all of your money into what you owe.

Preparedness

COVID-19 was unexpected and caught many Americans off-guard financially. However, it provided a wake-up call. Millions of hard-working families live life week to week. They didn’t have any money in a savings account as a backup to prevent financial ruin. The recent events are an important reminder that life happens. Having enough cash tucked away to cover three to six months’ worth of your monthly bills and daily expenses will allow you to survive a temporary shortage of income.

Plan for Your Retirement

There’s no guarantee that the full Social Security benefits earned during your life will be available upon retirement. Even if Social Security remains in place, the amount provided is not nearly enough to live comfortably in your golden years.

The good news is you determine your financial status in retirement. Take steps now by allocating money to a retirement fund such as a 401(k) or a Roth IRA to ensure you enjoy the same quality of life. Many companies offer entry into a 401(k) as part of their benefits package. If your employer doesn’t, you can open one independently.

Remaining Out of Debt

Unforeseen events created higher amounts of debt than usual for millions of Americans. Going forward, it’s critical to keep debt under control. While some debt is mostly unavoidable such as a mortgage or a student loan, the amount you owe out is something you need to watch.

Learning to live within your means will put you in a better financial position. Frivolous spending and trying to keep up with the Joneses are things to avoid.

Supplement Income

Hard times often require a call to action to avoid difficult financial times. While not ideal, taking on a part-time job to supplement your income is another way to reduce debt quickly. Many companies are starting to return to business as usual and need part-time employees. If you prefer to work from home, there are many opportunities online to earn several hundred weekly.

Cutting Back Expenses

Ordering things like take-out for dinner and coffee on the way to the office several times each week can consume hundreds of dollars in a single month. Cutting back on unnecessary expenses will allow you to put more money towards outstanding debt and ultimately let you keep more of your hard-earned money.

Use lessons learned from the pandemic to your advantage. By consolidating debt now and controlling spending you’ll be able to spend the stimulus money on things you want and put the money directly back into the economy.

 

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

How Often Should Employees Undergo Drug and Alcohol Testing?

June 24, 2025 By Annie

Fences That Breathe: Why Horizontal Slats Are Everywhere in 2025

June 13, 2025 By Annie

Teens, Time-Sharing, and Tantrums Adjusting Summer Plans for Older Children in Custody Cases

June 10, 2025 By Annie

How to Sell a Vacant or Damaged Property Fast in West Virginia Without an Agent

June 6, 2025 By Annie

The Silent Home: How Acoustic Insulation Transforms Living Spaces

June 4, 2025 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Twitter

How Often Should Employees Undergo Drug and Alcohol Testing?
  • Uncategorized

How Often Should Employees Undergo Drug and Alcohol Testing?

By Annie / June 24, 2025
Source In the quest for a safe, healthy, and productive workplace, employee drug and alcohol testing has become a significant...
Read More
Fences That Breathe: Why Horizontal Slats Are Everywhere in 2025
  • Uncategorized

Fences That Breathe: Why Horizontal Slats Are Everywhere in 2025

By Annie / June 13, 2025
  You've probably noticed them popping up all over neighborhoods—those sleek, modern fences with horizontal slats that seem to be...
Read More
Teens, Time-Sharing, and Tantrums Adjusting Summer Plans for Older Children in Custody Cases
  • Uncategorized

Teens, Time-Sharing, and Tantrums Adjusting Summer Plans for Older Children in Custody Cases

By Annie / June 10, 2025
There’s no getting around it. Raising a teenager is a journey of its own. Add in summer custody schedules, shifting...
Read More
How to Sell a Vacant or Damaged Property Fast in West Virginia Without an Agent
  • Blog

How to Sell a Vacant or Damaged Property Fast in West Virginia Without an Agent

By Annie / June 6, 2025
If you're sitting on a vacant or damaged property in West Virginia and wondering how to sell it without a...
Read More
The Silent Home: How Acoustic Insulation Transforms Living Spaces
  • Blog

The Silent Home: How Acoustic Insulation Transforms Living Spaces

By Annie / June 4, 2025
In today's noise-filled world, the quest for peace and quiet has never been more urgent. As remote work becomes a...
Read More
How To: Transforming Your Baby’s Nursery Into a Montessori Learning Haven
  • Family

How To: Transforming Your Baby’s Nursery Into a Montessori Learning Haven

By Annie / May 30, 2025
Montessori principles emphasize fostering independence, curiosity, and respect for your baby's natural growth. By integrating these methods into your baby's...
Read More
Why More Parents Are Choosing Invisalign for Their Teens
  • Health

Why More Parents Are Choosing Invisalign for Their Teens

By Annie / May 27, 2025
Orthodontic treatment has come a long way from the days of bulky metal braces. Today, many parents are turning to...
Read More
Save Your Business Time And Money By Outsourcing Payroll To A Professional Service
  • Business

Save Your Business Time And Money By Outsourcing Payroll To A Professional Service

By Annie / May 19, 2025
The way we do business has been through some sea changes in recent years. A great deal of commerce has...
Read More
Pet Vaccines Through Life Stages: A Complete Guide
  • Uncategorized

Pet Vaccines Through Life Stages: A Complete Guide

By Annie / May 16, 2025
Your pet's health journey evolves dramatically as they age, and their vaccination needs change right along with them. From those...
Read More
What spring risotto recipes are worth trying out?
  • Uncategorized

What spring risotto recipes are worth trying out?

By Annie / May 13, 2025
Risotto lends itself wonderfully to springtime flavors. Creamy and comforting yet light, it perfectly showcases the first vegetables of the...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2025 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design