What To Do While Waiting for Biden’s Relief Package

As coronavirus cases spike nationwide, Congress appears nowhere near passing another stimulus bill before the start of the holiday season. Millions of struggling Americans now look to President-elect Joe Biden in the hopes that he will rally legislators around economic recovery efforts — and fast.

On Monday, in his first speech on the economy as president-elect, Biden called on Congress to put differences aside and act quickly to “deliver immediate relief” and help struggling workers get back on their feet.

“Now,” urged Biden, “not tomorrow,” stating he would support the House’s $2.2 trillion updated HEROES Act, which includes enhanced unemployment benefits, a second stimulus check, aid for state and local governments and housing relief.

Some speculate that if Congress comes to an agreement in the final months of Trump’s administration, the result could be a compromise between the HEROES Act and the Republican’s $500 billion “skinny” bill (which did not include stimulus checks or enhanced unemployment benefits).

However speculative, additional stimulus of any kind between now and January would be a huge relief to millions of Americans, especially as we approach the holidays. But since nothing is guaranteed, we spoke to a few financial planners for their best advice on what you can do right now to get through this time.

They recommend doing these three things to shore up your finances while we wait.

“Getting your own ‘ducks in row’ will further strengthen your financial stability, and any stimulus will be icing on the cake,” says Nashville-based certified financial planner Jeanne Fisher.

The first step in preparing for the unexpected is to trim down any unnecessary expenses. Review your credit card statement to find areas where you might be spending on things you don’t use anymore now that your lifestyle has changed (gym memberships, clothing/makeup subscription boxes, etc.). Also look for areas where quarantine life has saved you money, such as a reduction in travel and dining out expenses. Note these areas and start to think about putting that money into a savings account instead.

Consider opening an online high-yield savings account, like the Varo Savings Account, so you can also earn little more in interest than you would in a traditional brick-and-mortar account, while also avoiding paying fees.

• Contact your service providers and creditors and ask to lower monthly payments or put your bills on hold temporarily. If you’ve already contacted them before, try reaching out again after a few months to see if their policies have changed.
• Cash in your credit card points. You might have been stockpiling them for a future vacation, but if expenses are tight, it might be smarter to cash them in for statement credit to offset some of your day-to-day expenses.
• Find a part-time job, temp job or side hustle that you can do to bring in extra cash. Have strong opinions? Take surveys online at Survey Junkie, Swagbucks or Vindale Research. Like to work with your hands? Make a Thumbtack account and pick up odd jobs helping people with house repairs and renovations. Put your skills to good use to make some extra cash.
• Sell stuff on Facebook marketplace. Now is the perfect time to rearrange your home office and clear out old junk for the holidays. If you aren’t on Facebook, try selling online at Letgo,…