'Perfect time:' Amid COVID-19, experts suggest turning collectibles into cash, evaluating expenses
PEWAUKEE -- The coronavirus isn't just a health problem. From child care to lost wages or unemployment, it also impacts your wallet, and money management experts say it's a good time to review your financial situation.
With budgets stretched thin by the COVID-19 pandemic, and COVID-19 leading to record high unemployment claims, money managers say it's time to take your unused items, and much more, and turn them into cash.
"Perfect time for that, and there's so many apps that make it so simple," said Kelly Brown, CEO of Pewaukee-based American Deposit Management. "Ten years ago, it was a difficult task to try to sell something, and take pictures of it, and upload it onto some camera or website. Today, there's just a ton of tools out there to make it really simple for people to sell some of the things that have been sitting around."
In addition to turning some of your collectibles into cash, it's also a good time to take a hard look at your credit card and utility bills.
"Look at your TV expense," said Brown. "Do you really need all those channels right now?"
You could consider canceling recurring subscriptions, like streaming services.
"Are you really using all of these?" said Brown. "Have you forgotten about these subscriptions? Now's a good time to review your last credit card statement and see where those subscriptions are coming and cancel them."
While your Netflix subscription might be the only thing keeping you chill amid the pandemic, Brown said sitting down and taking the time to audit your monthly cash outflow, or selling that unused bedroom set could take some much-needed heat off, where you can find some much-needed cash.
Another thing to consider is asking for waivers on fees, consolidating your credit cards, or asking for payment modifications to help you or your family.
If you can, it doesn't hurt to donate to charitable groups that are helping people out, which can help you out come the next tax year.