May 2020
Curated by: Coretta, Founder and Principal of Urban Money, LLC; B.A. in Economics and M.S. in Urban Policy/Planning
In this issue:
Home-Ec(onomics) #CancelRent + $2000/month UBI (universal basic income)
Free Fun
Shopping? - Restaurants and retailers are opening up.
Out of Stock
Bonus! Mothers Day!
Sooo Coronavirus is still around and it's all everyone talks about. Some folks are demanding that the government open back up. But as a country we are not ready.
Home-Ec(onomics)
Remember, Congress has enacted four bills so far to stimulate the economy; clearly trillions of dollars wasn’t not enough.
The 1st of the month comes and goes, and millions of Americans living paycheck to paycheck, or among the almost 14% unemployed, still can't pay for rent or necessities.
UI (unemployment insurance) got a lot of attention, especially since the federal government issued an additional $600/week of UI due to COVID-19. The argument is that people would make more unemployed and would be discouraged to go back to work. Another way to look at it, if people earned liveable wages, they’d be more inclined to go back to work. And one last perspective, the extra $600 UI is technically an economic stimulus, therefore serving its purpose.
Other eco stuff getting attention…
#CancelRent and $2000/month UBI (universal basic income).
These concepts are actually gaining traction in D.C.! However the multi-trillion dollar question: can it get through Congress? We're keeping a close eye on this one!
As we wait, keep reducing discretionary spending and pay what you can when you can.
Even though #CancelRent is trending, rent is still due. While slumlords and some large management companies are not for ‘the people'; there are homeowners whom rent out parts of their home just to make ends meet, and most unfortunately still have bills and obligations.
Renters: If you're having a hard time paying, have a conversation with your landlord. If you can, make a partial payment.
Homeowners: Call your mortgage company if you’re having a hard time. Be mindful of forbearance, and ask for a deferment. The difference is when and how you would pay back. Also, explore refinancing options (fixed-rate only) that may be available, but be weary of additional costs and fees.
Shopping?
Discretionary spending… with restaurants and retailers beginning to open; cabin fever + warm weather + stimulus checks = a perfect storm for a resurgence of COVID-19 and/or mounting debt.
M-Money: Sit on cash until the worst is over.
Still planning to shop? Here's a few ways your dollar can go further:
Shop small! Small businesses + entrepreneurs need us now more than ever. Etsy, Shopify, and Social Media (IG and Facebook) are great ways to do so online.
Stock up on emergency items. With dollars to spare, get ahead of the resurgence (or the next unplanned event).
Get comfortable. Being inside all the time can begin to take a toll. Purchase items that would make being at home more comfortable or life outdoors more safe (i.e. loungewear, scented candles, or a bicycle)
Services- Gift Card! We're all in desperate need of some TLC, get a gift card from your favorite nail salon, barbershop, hair stylist, esthetician, or masseuse! They would probably appreciate the revenue now anyway.
Always prioritize needs, and allocate funds accordingly.
M-Money: our eyes are set on spending more time outside:
Outdoor toys and playset for the Mini-M.
BBQ grill
Gardening tools
Out of Stock
Being at home has us consuming differently, and production plants and distribution centers are overwhelmed by the demand. We're seeing bare shelves of toilet tissue, and cleaning products and now… meat.
Get creative!
Limited stock? Try vegetarian recipes or save with store-brand products.
Free Fun
If nothing else, COVID-19 has shown us that boredom spawns creativity.
As we enter the 2nd month of lockdown, there's but so many IG music battles, zoom happy hours, and Netflix watch parties we can partake in.
Carve out some time for yourself (or the kids) and check out some cool free stuff from home:
Virtual Museum/Aquarium/Park tours
Cooking class, yoga, fitness class
Do something different with your friends like virtual karaoke night or a video houseparty.
And as the weather warms up:
Go for a walk! Be sure to wear a mask and social distance.
Have a car? Go for a drive! Let the windows down, and get some fresh air.
BONUS! Mother's Day
Instead of flowers, get her something that lasts longer. The Plant Isle offers beautiful houseplants in unique planters with delivery available throughout NYC. Get on the waiting list, or get mom a gift card for later!
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