Post-Pandemic Financial Survival Checklist
from DDP Friends at Ellevest
“Renaissance” rehearsal with Smuin Contemporary Ballet
Choreography by Amy Seiwert
Photography by Chris Hardy
Courtesy of Smuin Contemporary Ballet”
Debt and paying bills
It is important to continue to review your debt. How can you continue to manage debt after the pandemic?
Some debt can be helpful, and some debt is more harmful.
Some debt can be helpful. Generally, this is debt that comes with a low interest rate — like 5-10% or less — and will make a big difference for Future You. Something like student loans so you can potentially increase your future salary, or a mortgage, which gives you a place to live, something you’ll hopefully love for years, and also a major asset that could potentially get more valuable over time.
More helpful:
✓ Lower interest rate
✓ Long-term benefits for Future You
✓ Affordable minimum payments
More harmful:
X Higher interest rate
X Not an investment in Future You
X Minimum payments that strain your budget
How can I lower my interest rate?
Mortgage:
✓ Look into refinancing
Credit cards:
✓ Call and ask!
✓ Look for low-interest rate balance transfer offers
✓ Consider personal loans carefully
Student loans:
✓ Put your payments on auto-pay
✓ Consider refinancing (private loans only)
How do I budget for extra debt payments?
✓Freeze your credit cards
✓ Create a written spending plan
✓ 50/30/20 rule
✓ One-number approach
✓ Use your values to make tradeoffs
What if I can’t afford my minimum payments?
✓ Use any savings you have
✓ Cut back to an essentials-only budget
✓ Talk to your debt providers
✓ Seek a personal loan
✓ Consider credit counseling
✓ Carefully consider filing for bankruptcy
And finally, we know women have been hit hard over the last year. Some of us can’t pay our bills. Review what to do if you can’t pay your bills.
