top of page
Keyboard and Mouse
Ask Tiffany H - flyer
Flexible Payment Planning


With Tiffany Hollinger


August 17, 2020

In the last column, I shared a few money saving tips to utilize during this global pandemic.  If you missed it, please take a moment and review the previous Money Monday with AskTiffanyH, as this week builds on the preliminary information provided.


Again, this pandemic has a significant financial impact across every sector; however, there are several tools available to provide some relief to individual households.  Briefly recapping from the last financial column, contact your creditors i.e., credit card companies, auto loan company, student loans even in some situations, rent and mortgage company, and ask for assistance that can lead to several months of no or reduced payment amounts.  It’s during a time like now that many companies are trying to provide individual households some financial relief, utilize it!


If you have followed the above recommendations, this is an example of possible savings over 3 months.   


Based on the amount the average American pays*

Car note:           $ 465 x 3 = 1,395 

Credit cards:     $ 125 x 3 =  375 

Student loans:  $ 393 x 3 = 1,179 

Rent/Mortg:       $1,269 x 3 = 3,807 

Savings:             $6,756 or $2,949 not including rent/mortgage


Here are two major points I’m driving home to you, and I need you to understand. 

1. The significant opportunity to create and build savings that many have not had a chance to create previously.  So, with a little effort and diligence, contacting your creditors and ask for assistance, you can build savings.  Again, let me emphasize, we have our regular monthly expenses, and if you are still employed, being able to not  have to pay a few expenses or costs for a few months can lead to savings. How much can you or did you save?


2. It is critical, I repeat, it is essential to SAVE these savings built from being able to have suspended or reduced monthly expenses.  We do not know what is still ahead of us with this global pandemic.  We do not know how long it will last. We do not know how profound or broad reaching the overall financial impact will be.  So, save for savings sake!  Do, not take this windfall to make home improvements (Major repairs, yes! Home Improvements, no). Do not take this windfall and payoff other debt.  Do not take this windfall and go shopping, vacation, etc.…. Again, this is saving for the sake of saving.


Why, do you ask?  I’ve had people who viewed one of my previous social media information sessions, #AskTiffanyH (YouTube), where I provided these tips.  They wanted to make some home improvements, and I recommended that they didn’t.  Their response was that they needed to make upgrades to their home. Mistaking need to make improvements with wanting to, there was no damage anywhere; this was a sheer want.  Well guess what, three weeks later, they were furloughed from their jobs for several weeks.  So, that savings was now needed to cover living expenses during the time frame of lost wages.  This is one of many examples of why it’s important to save for the sake of saving.


What I want to impart upon you is this, in this current state of uncertainty, this global pandemic is having a major impact across the board and impacting everyone, yet there’s a silver lining.  That silver lining is the opportunity to build savings that many have struggled to do in the past, as companies are allowing some financial relief and assistance to individual households.   Lastly, the primary purpose of savings is to provide protection in the event of sudden, unexpected financial emergency, on a fundamental level.  The advanced reason is that savings help reduce financial stress and leverage legacy building (investment opportunities).  You can rest assured that times will return to a level of normalcy and this is where the highest amount of wealth and be created.  Wealth and riches are created for them that have savings (cash) available to take advantage of opportunities when presented.  Are you going to be ready to take advantage of the opportunities that will present themselves when the economy recovers?


Next upcoming column, I will share a few tools that built wealth for many after the Great Recession of 2008 that can be good examples of opportunities available after Covid-19.   


Any questions, feel free to contact me at or on Instagram at @Ask_TiffanyH, Financial Planner & Realtor.

*Data gathered from the following resources:,depending%20on%20your%20loan%20amount,Individual%20Credit%20Card%20Debt%3A%20%246%2C194,are%20in%20deferment%20or%20forbearance

bottom of page