Financial Tips for an Economic Downturn

In a financial crisis you control two things: your income and your expenses. This guide, based on an interview with an Ahmadi financial analyst, turns that into practical steps.

Income

• Find out which government benefits you qualify for: call 2-1-1 (free and multilingual, including Urdu).
• If you lose your job, file for unemployment in your state right away.
• Look for work that is in demand, such as delivery and grocery jobs.

Expenses

• List everything you spend, fixed and variable.
• Call lenders, utilities, insurers and internet providers and ask about hardship relief or lower payments.
• Cut subscriptions, eating out and luxuries: a simple life in the spirit of Tahrik-e-Jadid.
• Only refinance if it lowers your rate by at least 0.75%.
• Keep saving: at least 20% of every paycheck, more in hard times.

This guide was issued in 2020 during the COVID-19 pandemic. Some programs and deadlines it mentions have ended; it is kept for reference.

Questions? Email the Umoor-e-Aama help desk (English and Urdu) at asst3.national.ua@ahmadiyya.us and include a call-back number if needed.