Whether you’ve been infected with the virus yourself, taken care of sick loved ones, lost your job, work has changed fundamentally, or your family has taken on a new role since the kids stayed home from school and day-care, it goes without saying that no one is leaving. 1 incomplete from pandemic epidemic.
That being said, data on the immediate and anticipated long-term effects of the epidemic consistently show that the impact on women বিশেষ especially colored women অনেক far outweighs the impact on our male counterparts.
Covid-1 Economic How women are more at risk for economic impact
In September, Four times many women have been dropped from the labor force Compared to men. On average in the spring and summer of 2020, 10% of working mothers report not working every week Because they were caring for a child who was not in school or child care.
And to make matters worse, in addition to all this, women experience even more negative financial effects.
To understand the significance of what is happening, it is important to address the resource gap before the epidemic begins.
According to the National Partnership for Women and Families:
- “White, non-Hispanic women are typically paid just 79 cents for every dollar paid to white, non-Hispanic men.”
- “Black women are typically paid just 63 cents for every dollar paid to white, non-Hispanic men.”
- “American American women are typically paid only 60 cents for every dollar paid to white, non-Hispanic men.”
- “Latinos typically pay only 55 cents for every dollar paid to white, non-Hispanic men.”
As shown above, the wealth gap for women of color is significantly wider, as they face not only a gender wealth gap, but also an ethnic wealth gap. This means that before the world turned upside down, women were already in great financial danger, and now things seem to be getting harder, not easier.
While this is a very harsh reality, the good news is that even in difficult times, there are things that all women can do to help themselves and their families succeed financially.
1. Know your costs.
Previous before: Find out what you spend each month. It’s easy to get overwhelmed and bury your head in the sand when the bills start to accumulate, but knowing where your money goes can help keep you in financial control.
For example, many people forget about small recurring bills for subscriptions or services, which can be added when money shrinks. Housing costs are usually the biggest expense, but it’s not something that can be easily reduced if you lose your job or face lower wages.
Knowing the areas of finance that are more flexible can help you come up with effective cost-cutting strategies at any time.
Research Relief Program
As part of knowing what you spend, you should also know where you can reduce costs on large bills.
Because of Covid-1 to, many private companies are giving some relief to their customers. Educate yourself on available programs, be it a reduced rate of your utility bill, or a waiver of late credit card fees.
Also, various social service organizations, state and local governments are still providing additional rental assistance, and President Biden has extended a nationwide moratorium on foreclosures and evictions until at least March 1.
Think of it as a fire drill: if you already know what to do in an emergency.
2. Manage debt.
The Equal Credit Opportunity Act of 1974 prohibits lenders from discriminating against consumers on the basis of gender. It is illegal for sex donors to charge high interest rates to women on the basis of gender or race. Unfortunately, bias is still seen in the process.
While the system is certainly flawed, managing debt effectively is something that everyone can do. If you are able, the most important thing is to make sure that you are paying the minimum amount on time. This will help you avoid late fees and negative effects for your credit score, as missed or delayed payments enter payment history which is a big part of your credit score.
Women should also be careful about how much they put on credit cards, as many credit card companies will approve customers for credit larger than they can afford to pay back within a reasonable period of time.
Of course, in an emergency, sometimes credit cards or loans are the only option to fill the gap before you get back on your feet, so make sure you use them properly.
3. Create an emergency fund.
Unfortunately, there are some programs in the United States that act as social or medical “emergency funds” for Americans who face financial hardship that is not related to epidemics or natural disasters, so it relies heavily on individuals to protect themselves financially.
If you are still lucky enough to be hired, you should consider creating three to six months of emergency funding. It will cover the cost of three to six months of your life to protect you in case of sudden job loss, unforeseen medical bills, or other unforeseen events that may cause you to fall into.
I recommend keeping your emergency funds in a low risk account such as a high yield savings account, or a low risk investment account.
If you want to keep your funds in a low risk investment account, at Betterment we currently recommend allocating 30% stock / 70% bond to your portfolio. This helps maintain inflation and maintain your purchasing power of money over time.
Use state and federal funds for emergencies.
Unfortunately if you lose your job or work fewer hours during an epidemic, applying for state and local unemployment benefits is the best course of action.
In addition, with the new Covid-1 relief relief bill, the increased unemployment benefit from the federal government will be increased to $ 300 per week until September 6, 2021. In addition to this one-time incentive check, single taxpayers receive $ 1,400 checks, while jointly filed married couples will receive 2, 2,800, an additional 1, 1,400 per dependent for both filers.
4. Keep your career options open.
Leaving women at a surprising rate in the workplace is a very real problem socially and economically.
However, I am generally optimistic that this trend may improve over time as businesses open and new businesses emerge and children return to private school full time.
If you are fired, or forced to stay home due to a lack of childcare, I encourage you to keep your options open while maintaining a professional network or rushing to the side. Maintaining a professional network looks different for everyone, but some examples include contacting former colleagues and managers, joining a professional organization, or reaching out to professionals in areas of interest through professional networking sites like LinkedIn. You never know who might want to hire you in the future.
For the side rush, it can both help fill the gap financially, but also allow you to explore other areas and gain skills that could translate into full-time work or your own business in the future.
In the last one year, our lives have changed in a big way. Women are feeling the trend of this change, because we had to take on more roles with less support.
It wasn’t easy, and the new rules might be to stay here a few more days. That being said, there is light at the end of the tunnel because more vaccines are distributed, another stimulus check may be conducted on your way, and the kids start going back to school.
In the meantime, take the steps outlined above to help you move forward and strengthen yourself financially.