Expert tips on how to cope with the coronavirus-related money stressors keeping Americans up at night

By Sharon Epperson

"Financial stress and anxiety are increasingly common, psychologists and financial experts say. Even as some states lift “shelter in place” orders and businesses reopen, signaling a slow “return to normal,” the tens of millions of Americans who have lost their jobs, been laid off or furloughed during this Covid-19 crisis will still be feeling the economic and emotional toll long after. Millions more will continue to worry that their livelihood could be in jeopardy as companies continue to make adjustments to their bottom line. According to the NFCC survey, the situations that immensely exacerbate financial worries include not having enough savings, losing a job and the inability to pay debts. Here are some expert tips from the mental health and financial community on how best to cope with these common money stressors. "-A quote from the article

"We’ve got activities to help kids become familiar with the purpose and value of money, mathematical activities with money, and tons of suggestions for helping kids start to learn to manage money!

After hearing parenting expert Barbara Coloroso talk about the importance of teaching kids to become responsible for themselves and their money from a young age, I decided I wanted to get an allowance started for my 3 year old son, Onetime. That being said, I didn’t know where to begin! All I knew was that I wanted the money to be given free from obligation. In other words, I didn’t want it to be attached to completing chores or tasks, but rather instead for the sole purpose of learning how to manage money. So – I did my research and have compiled an amazing list of resources from parents who have already been there. I hope you enjoy reading through these ideas as much as I did on your route to raising money-smart kids!"-Excerpt from Article by Sue Lively

Suggested Book

This is a great book!  Description as given by publisher-"By showing that kitchen skill, and not budget, is the key to great food, Good and Cheap will help you eat well—really well—on the strictest of budgets. Created for people who have to watch every dollar—but particularly those living on the U.S. food stamp allotment of $4.00 a day—Good and Cheap is a cookbook filled with delicious, healthful recipes backed by ideas that will make everyone who uses it a better cook. From Spicy Pulled Pork to Barley Risotto with Peas, and from Chorizo and White Bean Ragù to Vegetable Jambalaya, the more than 100 recipes maximize every ingredient and teach economical cooking methods. There are recipes for breakfasts, soups and salads, lunches, snacks, big batch meals—and even desserts, like crispy, gooey Caramelized Bananas. Plus there are tips on shopping smartly and the minimal equipment needed to cook successfully.." 

Good and Cheap is a gorgeous cookbook for people with limited income, particularly on a $4/day food stamps budget. The PDF is free and has been downloaded more than 1,000,000 times.

If you click on the image of the book it will direct you to the authors website.

Click the Preview button below and it will direct you to a page where you can preview the book.  

My Low-Income Lifestyle

By Frugaling

"Settling into the low-income lifestyle

While I might not be in poverty, I lead a low-income lifestyle with little room for error. Now that I’m no longer in massive student loan debt, my monthly budgets are real and accurate — not manipulated artificially by financial aid. When I run out of money, it’s gone — there’s no reserve ready.

As I paid off my student loans and stopped withdrawing additional credit, I developed and settled into a low-income lifestyle. It’s one without exotic vacations, weekend getaways, cars, fancy dinners out, and the latest gadgets.

Now, I hold onto things longer, avoid purchases, and cook at home whenever possible. But it took me a while to adjust down — to slow down, really. I’ve said this before, but debt fostered an illusion of success that I felt compelled to uphold and continue. I wanted to show people that I could “afford” to treat, spend, and enjoy. Unfortunately, it was all a mirage. I was swimming in debt and stress."

Suggested App

Goodbudget

Cost: Free
Operating systems: iOS, Android

Where this app shines: It allows you to allocate a percentage of your budget to spend in certain categories.

If you need financial help past just taking a look at your spending and credit score then check out Goodbuget. Unlike other budgeting apps in 2020, it uses the envelope system to actually help users work towards their financial goals. Instead of investing in stocks or taking up real estate investing, invest in yourself with this app. You’ll be able to portion out your monthly income toward specific spending categories. So, that means that you won’t ever go over $200 monthly spending on entertainment, for example. It’s a great way to prevent overspending if that’s something you have trouble with.

6 ways women over 50

can achieve financial fitness before retirement. 

By Nora Daly-PBS NEWSHOUR   

"By and large, women over 50 will have different financial challenges than their male counterparts, so keeping financially fit is important.

Keeping physically fit is always important, but as we age, it becomes even more imperative to maintaining quality of life. According to personal finance expert and Next Avenue contributor Kerry Hannon, the same is true for financial fitness.

Hannon stresses the importance of “financial fitness” for women, and especially for female members of the baby boomer generation, who are now entering their fifties and beyond."

Payment apps may pose a coronavirus scam threat,

AARP says

By: Greg Iacuric

• More than 70% of Americans use peer-to-peer payment services like PayPal, Venmo, Zelle, Square, Apple Pay and Google Pay, according to AARP.
• Fraud related to Covid-19 is on the rise.
• Payment apps may pose scam threats as Americans use the programs to pay for delivery of groceries, meals and other necessities during the pandemic, according to AARP.