Bob ‘Sully’ Sullivan: Be prepared financially during coronavirus pandemic

SAN DIEGO (KUSI) – Many of us do not know how to adequately prepare for how novel coronavirus is going to affect our daily habits.

When it comes to your money, there are steps you can take today to make your life a little bit easier, especially if you need to stay home for an extended period of time.

Radio talk show host Bob ‘Sully’ Sullivan joined Good Morning San Diego to share some personal financial advice during the COVID-19 pandemic.

“Be prepared in case there are demand problems at your local ATM  I am telling my friends and family to go the ATM and get some cash out now  put it in a safe place in case of emergency,” said Sully

Automate Your Finances:

Automating your monthly banking activities is a good move under normal circumstances.

Enrolling in automatic payments prevents the chance of missing bill dates and paying late fees. Some merchants and utilities even give you a small payment discount, saving you both money and time.

Keep Investing for Retirement:

Pandemics and other unexpected events make it easy to only focus on the near-term and panic about the long-term.

Auto-investing into your 401(k) or retirement plan with each paycheck encourages you to remember the long-term.

Stock market volatility is gut-wrenching—even if you’ve been through a previous recession. Seeing massive drops and jumps tests even the calmest investor.

But if you stop investing out of fear, it can be difficult to start again.

If Coronavirus has put you out of work – i have your options for getting help:

Following Monday’s COVID-19 mandate that all bars must shut down and all restaurants must close dining rooms, workers across San Diego County are suddenly finding themselves unemployed or dangerously near it.

Servers and bartenders have been on the minds of many since Monday’s announcement, as tipped workers will suffer tremendously from the closure of dining rooms.

Legislators are working on different relief programs for workers, but none have been approved yet. Unemployment benefits through the State of California are your best bet right now.

You’re eligible if you lost work due to no fault of your own.

I haven’t lost my job yet, but my hours have been cut. Can I still get unemployment?:

Partial wage replacement is available to people who are technically still employed but aren’t getting the hours they’re used to. Workers can apply for these partial wages through the State of California’s Employment Development Department.

Gov. Gavin Newsom’s executive order on March 12 waives the one-week unpaid waiting period, so you can collect unemployment benefits for the first week you are out of work.

How soon will I get the money?

The state says relief money can be expected within “a few weeks” of your application

How much money can I get?

It will depend on your previous wages and can range from $40 to $450 per week.

 

Categories: Coronavirus, Good Evening San Diego, Good Morning San Diego