The Hidden Costs of the Pandemic
The COVID-19 pandemic has forced many people to work from home, and while working from home can cut costs in some areas, many families are faced with the very real economic consequences of the quarantine.
Increasing Food Costs
Even though most Americans are saving money by eating out less and not going on vacation, they are spending quite a bit more on groceries, seeing the biggest increase in grocery bills in the last 50 years. Not only have grocery prices risen, since most Americans are eating all meals at home, this drives up the food budget. This increase eats away at any savings from reduced transportation or entertainment costs.
Keeping the Kids Occupied
Most kids have been excited about having an extended summer vacation, but the pandemic has severely limited parents in normal entertainment activities such as playgrounds, amusement parks and campgrounds. In an attempt to keep the kids busy, parents are spending more on streaming services and at-home activities. Parents may be saving on childcare costs, but that savings is absorbed into paying for entertainment and educational resources.
Unemployment Woes
For those who have lost their jobs as a result of the pandemic, these added costs add stress to an already tight budget. Many states are struggling to keep up with the demands of the growing number of unemployment insurance claims, leaving many unemployed with no source of income for weeks or longer. Where working parents could previously depend on schools to provide breakfasts and lunches, now that responsibility falls squarely on the shoulders of unemployed parents. The CARES Act provides some protection against eviction, but those rent payments will come due.
The pandemic has affected every aspect of life, and rising costs of living are being felt by almost everyone. If you find yourself in a situation that seems hopeless, give Gingold & Gingold a call today at (404) 685-8800, or visit us here to schedule a consultation. We can help explain your options during this time and help give you some peace of mind.
