The Coronavirus: The financial impact on the average family

The Coronavirus is on the tips of everyone’s tongue, and the concept of being quarantined is suddenly a real possibility. Which got me thinking, what happens after the quarantine (financially speaking), for the weekly paid workers, that live paycheck to paycheck? Will there be reparations put in place? Will the utility companies postpone disconnections, for the affected?

Catching up on bills, after missing 2 weeks of pay, is hard and many out there can relate. Those of you that may not be able to relate, let me break it down for you. Many people across America are paid based on work done, they seldom have paid sick days or personal days, and are most likely, living paycheck to paycheck. This means there is not much savings in the bank. Now, throw kids into to the mix and you are not only quarantined, but completely stressed. Your brain is now on overdrive, calculating which bills can wait and which can’t, while taking into account what your grocery bill may look like. Hopefully, I painted a semi clear picture. This is an affect that I have yet to hear being discussed, although I am sure it is on the mind of many.

As I got to thinking a couple things came to mind. With some thought, a plan could look something like any one of the following to tackle the impact:

· A budget that is set aside, to offer an average sum to a family based on its size and income lost.

· Temporary food assistance in the form of an average sum offered to a family based on its size.

· Utility voucher, helping in either a percentage amount or set sum.

· An extension on billing due dates, agreed upon by the respective agencies.

There are several other ways that assistance could be offered. Either at state level or through the respective agencies. The above are just off the top of my head, and fully from a layman’s perspective. However, as a worker that understands all too well, the financial juggling act that working pay check to pay check can be, it is something to think and talk about. Especially seeing that the Coronavirus seems to be just getting started. Hopefully, those that have the power to put an effective plan into play, targeted at this particular aspect of the Coronavirus, will do so or at least think about it.

Just remember, that you and your family's’ health and well being is and should be your number one priority. Please, ensure that you do everything within your power to be prepared, practice prevention and take any necessary steps , including staying home and going to the doctor, in an effort to limit any chance of further spreading. Finances can always be sorted out after.

Disclaimer: All opinions come from a layman’s perspective. I am just a person who understands all too well the struggles of the average working person.