Some suggestions to save and prevent yourself during the crisis

With the coronavirus pandemic causing many workers to miss work hours, it's more important than ever to know what financial options you have. In this article we will talk about some options for forms of save and be safe during these times.

While it's good to be told by financial advisers not to control your investments in a volatile market, that may not be a concern for many Americans, when nearly 80% of workers live paycheck to paycheck and many households say it would be hard to cover. an unexpected expense of $400. Missing shifts or being laid off during this time could exacerbate the already precarious financial situation of many Americans.

If you don't have an emergency fund and are struggling to make ends meet during these uncertain times, here are steps to take.

1. Contact creditors immediately
If you're worried you'll have a hard time paying off your credit card balance, student loan debt, or utilities in the coming months, the National Center for Consumer Law advises you to contact your creditors as soon as possible and ask for concessions for difficulties. This could include putting payments into forbearance (which should be a last resort since interest still accrues) or making interest-only payments.

 2. Create an "emergency" budget.
The NCLC also advises creating a "smaller" version of your typical budget that is smart whether or not you're currently struggling. But it becomes doubly important if your hours are cut or shifts are canceled in the coming weeks.

To do this, "make a list of all your current obligations," advises the NCLC. "Circle the things you want so you can see how much you could realistically save by pausing subscriptions, limiting travel, and making affordable meals at home." use this form of save  to prevent in the future.

3. Consider a personal loan
Personal loans range from $10,000 to more than $20,000 on average, according to Lending Tree, with a typical term of three to five years. They can help in times of income insecurity. Banks, credit unions, and online lenders like SoFi and Payoff offer them.

You'll want to research what different lenders offer to compare interest rates and other loan terms. If you already have a relationship with a bank, they may offer you more competitive terms.

You may also be able to access a home equity line of credit and borrow against the equity in your home if you own it. But keep in mind that this strategy has potential downsides, such as upfront costs and potentially high interest rates if you don't have a good credit score.

4. Use the product with the lowest interest rate
If you don't qualify for a personal or home equity loan, you may need to use a credit card. Use your card with the lowest interest rate so you pay less interest when you pay your bill. Even a difference of a few percentage points can save you a lot of money in interest payments.

Read more: Understand how to save money on grocery shopping

One option: Look for low-interest deals, either a credit card or line of credit with an APY of 0% for a certain period of time (typically 12 or 18 months). That will give you a breather if you have trouble meeting your financial obligations in the coming weeks. Again, people with higher credit scores will qualify for better deals, so if you have a low score, use the cards you already have before applying for a new card and possibly being turned down.

5. Send Temporary Hardship Letters
If you're having trouble paying your mortgage, the first step should be to find a lawyer, according to the National Center for Consumer Law. From there, you can send hardship letters to lenders, like your mortgage company, to see what your options are.

In this way it is possible save  a little in critical times.