Part 2 of 2
By Bernard Freeman
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Fix Up Your House
Whether you do it yourself or hire a contractor, the coronavirus shutdown could be the perfect time to tackle those home-improvement projects you’ve been dreaming about.
Healthy people, isolated at home during the pandemic, have time on their hands to tackle jobs — whether big or small — that will make living at home more enjoyable.
Now that government stimulus checks are arriving, there could be extra money available to work on them, too.
Hire a Pro
In many areas, construction jobs are still allowed under lockdown restrictions. Check your local government websites to be sure. If they are allowed to work, and can do so while safely isolating themselves from potential infections, professional contractors and handymen can transform your home in a short amount of time.
Keep in mind, the contractor should have proper licensing. Most states require all general and specialty contractors be licensed and registered in the state where they perform work.
One of the most important parts of choosing a contractor is looking at their references. Talk to your friends, family, neighbors and the contractors themselves.
The best home contractors will always have a great reputation with lots of happy customers. They’ll likely have a list of clients you can call to ask about their work and perhaps even see it in person.
Even better, try to get references from people you know and trust. If you’ve got a friend who had similar work done on their house, ask them what they thought about the contractor they hired.
Some things to ask:
- Did they complete the job on time and on budget?
- Were they professional at all times?
- Did they keep the work site tidy and clean up after themselves?
- What was the quality of their work like? Can I see it?
- Would you recommend them for another job?
By finding the right person or company to complete your project, you’ll be investing your stimulus check in a way that makes your living situation more enjoyable for years to come.
Do It Yourself
While it’s best to leave big projects to the pros, many homeowners may have smaller fix-up projects that now is the perfect time to complete.
If you’ve got spare time to spend on it, there are a lot of home-improvement projects that can make a big impact on the look and value of your home without spending a fortune.
Flooring materials, for example, could be purchased with the stimulus funds. If you know how to install it properly, or could learn by watching online tutorials, new flooring is a terrific bang-for-the-buck home project.
The same thing goes for paint and tile work.
Other options that could improve the value of your home include updating the kitchen and bathroom appearance, installing programmable thermostats that can save money on utility bills, or creating an inviting outdoor living space to enjoy with your friends once the pandemic threat has subsided.
By preparing your home now for enjoyment in the future, you’ll be doing something practical that also lets you look forward to the happier, more socially connected times to come soon.
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Treat Yourself
In the middle of a pandemic, sometimes it feels good to splurge. That’s why you could consider spending at least a portion of the money on treating yourself to an extra nice indulgence.
It may seem frivolous, but that’s the whole point. The idea of “retail therapy” has some validity, within reason, because spending money on something that feels good has value within itself.
Here are some ways you might consider using the stimulus check to pamper yourself while in social isolation.
Order Takeout
Most restaurants in America have switched to takeout and delivery models while closing their dining rooms to prevent spreading viruses. That means you can still enjoy a delicious meal from your favorite places — including many fine dining establishments — while maintaining social distance.
Call ahead or check online to see if your favorite restaurant offers takeout service. If they do, and you’re feeling particularly indulgent, go all out when you order. Buy appetizers, desserts and drinks in addition to the entrees.
You’ll be treating yourself to a special meal with an added benefit: helping restaurants pay their employees and stay in business at a tough time.
Retail Shopping
The same concept applies to your favorite retail shops, many of which have closed their brick-and-mortar locations while doing their best to stay in business through online and phone orders.
If there’s something you’ve been thinking about buying but haven’t wanted to spend the money on, now could be the perfect time to make the move — assuming you’ve got some savings in place.
The best retailers are outstanding at customer service and will help you place orders remotely by answering questions, helping with shipping, delivery or pickup, and perhaps even taking photos to show off their products remotely.
Gift Cards
If you’d like to indulge in something that isn’t available for sale in your area — perhaps tickets to a movie theater, entertainment venue, massage therapist or spa — gift cards may be a great way to enjoy those services at a later date.
It’s also a way to infuse some much-needed cash into small businesses now, when they need it to pay their bills, for something you can enjoy in the future.
It’s a rare business these days that doesn’t have social media or a website. Contact the business by email or social media message (no one may be around to answer the phone) and ask to purchase a gift card or gift certificate.
If you’re worried about keeping your information safe, you can ask to use a trusted app or payment service, such as Venmo or PayPal.
Bonus: Many businesses are offering a little something extra when you buy a card now, such as a discount or extra service when you redeem them.
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Shop for Insurance
Having the right insurance policies in place can give you peace of mind. That’s especially important in times of uncertainty like this.
If you do a careful job shopping for insurance policies right now, you have an added benefit: the ability to pay for the policy in full using your stimulus check, something that might save even more money.
Coverage and Prices
Comparing different insurance policies can help you save money or find coverage that will better protect you from risk, something that’s a good idea all the time but especially wise right now. Many people are looking at making the most of their budget as the economy takes a temporary dip during the pandemic shutdown.
The longer it’s been since you’ve shopped for policies for homeowner’s insurance, life insurance and auto insurance, for example, the more likely you are to find good deals on coverage. You may be surprised at how much you can save — or how much better coverage you can get — if you shop carefully.
Look at Details
When shopping for insurance, take a look at the fine details and figures for each policy. If you’re in the beginning of this process, insurance representatives should act more like teachers instead of salespeople.
Your choices may be complicated, with a range of pricing options, deductibles and exclusions. A good company will give you choices, explain them clearly and let you make up your own mind.
While reviewing your options, make sure you are comparing similar policies. If a premium seems unusually low, it might have a higher deductible or more limitations.
Not Just Price
Customer service always plays a key role in determining which insurance company you’ll want to work with. Some have better reputations than others.
Each company has a different customer service philosophy. Some prefer to use a local representative to communicate with clients. Others will discuss policies through their website or a 24-hour phone number.
Many insurance companies, however, use a combination of these methods. They might give you 24-hour access to national representatives along with a local advisor.
Ask About Discounts
Many insurance policies offer discounts if you pay for a full year’s premium in advance, something that could be a smart move to ease your expenses in the next 12 months.
If you use your government stimulus check to pay for the coming year’s insurance in advance, you won’t have that monthly or quarterly bill to worry about. You might also get an even bigger price break for paying up front in a lump sum, giving you two ways to save down the road.
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Make a Donation
If you’ve been fortunate enough to have a predictable income and healthy cushion of savings at this point, you should consider donating your stimulus funds to charity.
Many non-profit organizations are struggling right now from a one-two punch: increased needs from people out of work, plus decreased donations coming in to help them. Your gift could be extremely helpful at a critical time when it would do the most good for people in need.
Look Local
Putting your donation to work in the local community can be a rewarding way to make a difference. If you volunteer with an organization, have a close connection to one particular non-profit or have seen the help a specific organization has provided in your community, think about giving them some financial support.
When you keep your money close to home, you can often see the tangible benefits that come from it.
From feeding hungry children to supporting the arts, you’ll be making your community stronger at a time when the help is greatly appreciated.
Donate Online
Both local and national charity organizations are increasingly allowing online options for making donations.
You can make a one-time gift with your stimulus payment or, if you’re feeling extra generous, could consider setting up an ongoing monthly payment as a regular contribution to your favorite nonprofit.
By donating digitally, you can maintain social distancing while exercising your social conscience.
Check Them Out
Another thing you can do online is check into the background and ratings of many non-profits to make sure your money is going to a reputable place.
There are several websites that score non-profits on how effective and wise with money they are. Each ranking site uses its own criteria to determine which charities best manage money, so look into their guidelines to see exactly what they’re measuring.
The two most popular charity-ranking websites are Charity Navigator and CharityWatch, both of which offer independent assessments of non-profit organizations based on public data.
Tip Generously
Another way you can directly help people is by leaving extraordinarily generous tips when you can. You might not need your stimulus check to survive, but some people do.
Wait staff and service workers have seen their income, which is primarily derived from tips, dry up recently. Using your money from the government to tip generously could help your economically vulnerable neighbors when they need it most.
