Following Governor Andrew Cuomo's 100 Percent staff reduction to avoid spreading COVID-19, millions of New Yorkers are finding themselves on unsure footing financially.
Thankfully, if you find yourself in an unstable position, you've got some options. Ethan Gilbert, a partner for Rockbridge Investment Management, said starts with planning.
"Make a list of everything you think you're going to spend money on in the next two months," said Gilbert.
Gilbert is going to be very busy in the coming weeks. People usually ask him how to make their money grow, but now they're asking how to make it last.
"You could put money on a credit card now, and that kind of buys you that two weeks or a month to go out and get a home equity loan or a line of credit," Gilbert said.
Gilbert always recommends having at least a few months worth of expenses in a savings account for emergencies. Not everyone can swing savings that large, so in a pinch, some strategic loans can help.
"Once that comes in, you can use that line of credit to pay off the credit card, keeping you from incurring the high interest," Gilbert said.
It's important to remember there are risks with everything. A credit card will have high interest rates that build quickly if not paid off, and missing a loan payment can badly hurt your credit score.
If you had loans out before losing your income, Gilbert said it's always wise to ask for help.
"Reach out to whoever those are with and see if you can make an arrangement to reduce those payments or stall them," he said.
Every case is different. Gilbert emphasized that a few times. For people with investments, he said you wouldn't normally want to sell when the market is down, but selling some stock could help in the long run.
"It also depends on what your alternative is. If it's putting expenses on a credit card that's charging you 18 percent to hold on to your investments, you should sell your investments."
Before making any quick decisions, make that list, check it twice, and before bringing more money in, make sure you're not sending unnecessary money out.
"To the extent that you can't or you're uncomfortable incurring more costs, those things at the bottom of the list have to get cut," Gilbert said.
If you decide adjusting a loan or mortgage is the best route to take, you can send a hardship letter to help make your case to a bank or lender.