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Why Restaurants Are Having A Hard Time Finding Employees

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Restaurants Having A Hard Time Finding Employees

The restaurant industry sure took a hard hit with the COVID-19 pandemic. Many restaurants closed entirely, unable to keep up with rent payments during closures. Other restaurants continued to stay afloat thanks to a combination of funding sources. However, they were all eager for the day when they could re-open to full capacity. We’re just about there. And yet, restaurants are having a hard time finding employees. What is going on?

The Impact of COVID-19 on Restaurants

When the coronavirus pandemic first hit, many cities shut down all of their restaurants. While some resumed service quickly, many kept their doors closed. Here in San Francisco, we only just began allowing indoor dining at partial capacity in recent weeks. While we expect to reach full indoor dining capacity in mid-June, it’s been more than a year of reduced indoor seating.

In order to stay open and survive the pandemic, restaurants had to take a variety of different measures. These included:

  • Updating their to-go and delivery menus. Many places began offering to-go cocktails, new menu items, and family meals.
  • Partnering with nearby bars to allow those bars to open as well. Bars in San Francisco remained closed until very recently. However, they could serve alcohol at a partner restaurant if they could find one.
  • Applying for permits to allow outdoor dining. Here in San Francisco, many places opened outdoor dining parklets. They’ve been a wonderful addition to the city. However, building those cost money. They had to spend money in order to keep making money. And the
  • Adapting their rules, guidelines, safety procedures, etc. in order to meet constantly-changing COVID-19 guidelines.
  • Reducing staff in order to adjust to changing capacities and funding.
  • Applying for grants, setting up Go Fund Me accounts, selling gift certificates and finding other sources of funding.

Many restaurants across the country closed their doors during the pandemic. Some will never open again. In fact, in 2020, over 110,000 restaurants shut down. Forbes reports that the restaurant industry lost $240 billion last year. Moreover, 2.5 million workers in the industry lost their jobs.

We’re Turning the Corner

As we reach the middle of 2021, we’re finally starting to see a positive change. Thanks to vaccines and a downtrend in cases, many areas in the country are able to re-open again. A lot of the restaurants that were struggling to hang on have seen a big surge in customers returning to dine with them.

New restaurants are opening. Old ones are coming back. Those that had been open at partial capacity are filling up again.

However, the restaurants obviously have to keep adapting. Those that had reduced staff due to reduced capacity now need to hire new people. Many people need jobs. And yet, restaurants are having a hard time finding employees. In fact, just when business started bustling again, some restaurants had to close their doors because they simply didn’t have the staff to meet the demand.

There Are Just Too Many Jobs Available

Yes, 2.5 million people lost their jobs in the restaurant industry last year. However, some of those people managed to find new ways to make money since then. And those that are looking for jobs have a whole lot of options to choose from. It’s the first time in history that we can think of when thousands upon thousands of restaurants are hiring all at once. If you have restaurant experience and want a job in the industry, you really have a lot of options to choose from.

People are indeed going out and getting those new restaurant jobs. The New York Times reports a steady increase in restaurant employment month upon month in 2021. Nevertheless, restaurant staffing remains significantly lower than it was pre-pandemic. There are still over one million fewer jobs filled in the business this year as compared to last. (Note that fast food staffing is lower than a year ago but not nearly as low as that of higher-end restaurants.)

So restaurants having a hard time finding employees is a simple situation of supply and demand. There are a lot of jobs. While some people want them, many of those people want to explore their options. Whereas they may have had only a few restaurant positions to choose from pre-pandemic, they now have their pick of places to apply. With so many openings, employees can be pickier about the jobs they take on.

There Are Other Jobs Available, Too

As aforementioned, some of those laid-off restaurant employees found other ways to make money during the pandemic. Perhaps they started their own businesses. Maybe they trained in a new field that allows them to work from home. In some cases, they spent the pandemic year going back to school. In other words, they have returned (or are returning) to work but not in the restaurant industry.

People Moved Away From Restaurant-Rich Areas

The big cities with the most restaurants are also some of the most expensive cities. When people lost their restaurant jobs, some decided to leave those cities. For example, a lot of people left San Francisco and New York. There was no reason to stay in a really expensive city without work available. If those people don’t choose to return to cities with a lot of restaurants, then they aren’t applying for those jobs. And if the people who remained in the cities have other job options, then they aren’t applying to the restaurants. So restaurants having a hard time finding employees makes a lot of sense, especially in those big cities.

Some People May Choose Unemployment

The New York Times article also argues that there are some people who simply don’t want to return to work if they don’t feel like they have to. People have received an unprecedented amount of unemployment income during this pandemic. In some cases, individuals may find that they make more money not working than they would if they chose to go back to work. Moreover, some of those people simply might not feel safe and ready to go back to restaurant work. After all, you have to interact with a lot of people who may or may not have been exposed to COVID.

Of course, there are rules about unemployment. You’re supposed to actively look for a job if you’re able to work. Obviously, there are restaurants hiring. Therefore, at some point, those people who choose unemployment over working may not have that option anymore. However, for the time being, it appears that a portion of those people aren’t returning to work, yet. This contributes to restaurants having a hard time finding employees.

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How I’m Celebrating Christmas This Year Without Traveling

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COVID-19 numbers continue to rise and travel across the world is still restricted. This means, the holiday season may look drastically different than it has in years’ past. If you live far away from your family, you may find yourself in the same position as me and unable to travel to spend the holidays with them. While it’s a bummer, you can still enjoy the holidays. Here is how I am celebrating Christmas this year without traveling.

Staying Home and Staying Safe

Let’s face it – celebrating the holidays alone isn’t ideal. Obviously, COVID-19 is a totally wrecking tradition. Instead of fighting it, embrace it.

While I would much rather be spending the holidays with my family, I want to keep them (and everyone else) safe. And for me, that means staying home.

Everyone has different personal situations. Your family may be unconcerned about the COVID pandemic, or you may be in an area that isn’t particularly affected. You may even find the potential risk of traveling outweigh the cons of not traveling. Whatever you decide to do during the holidays, keep safety front-of-mind and stand by the decision you make. It’s not an easy choice, and there is rarely a right one!

Starting New Traditions

The next way I’ll be celebrating the holiday season is by creating new traditions!

Sure, I may not be able to go to Christmas Eve church services, spend time with my family, or participate in New Years Eve celebrations. Instead of trying to replicate all of the “normal” traditions I look forward to, I plan to create new traditions with the old.

Instead of being sad over missing my mother’s home-cooked meals, I plan to splurge on a steak dinner at home. And in lieu of hosting a holiday party, I was able to donate that money to charity instead. These little things help make the season a little bit brighter!

Connecting With Family Over Technology

Technology is simply amazing. If your family is able to utilize technology, you can easily all connect at once. And sure, you can catch up and check in while on a shared Facetime call, but consider taking it a step further.

For instance, my family is planning to do a gingerbread house competition this year all over the internet. It’s a great way to connect and create a fun memory in the midst of a COVID Christmas.

Practice Self-Care

Lastly, the year 2020 has been a rough one. Chances are, you haven’t taken much of a vacation this year. On top of that, you have been dealing with a ton of additional, pandemic-related stressors! While this year may look different than other years, embrace the time off by practicing self-care.

For me, I plan to spend at least a whole day simply reading a good book. By focusing on self-care, you can give yourself a much needed break while still making the holiday special. By doing one or all of these things, you can still enjoy a Christmas without traveling.

 

Why You Should Be Saving For The Next Pandemic Now

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Saving For The Next Pandemic

It’s hard to think about saving for the next pandemic when we are still in the thick of this one. And yet, experts say that there’s no time like the present to start preparing for the future. If you’re struggling with finances right now, then saving might feel like a challenge. But any little bit that you can set aside could help you down the line.

We Are Still In a Pandemic

Even though this article is about saving for the next pandemic, it’s important to acknowledge that we are still in the midst of the COVID-19 pandemic. People are struggling. Many people are barely making ends meet. And even those who are doing okay are uncertain about the future since it’s unclear what will happen with both employment and the economy in the months and year or so to come.

Yes, it’s hard to think about saving for the next pandemic in the midst of this. But it’s also the perfect time. For one thing, the reality of the pandemic is on your mind right now. Let’s face it; when things improve, we will all be so excited about the opportunity to travel and host guests and go out to activities that we might let ourselves slip a little with spending. Right now, when we really understand the impact of this pandemic, our minds are primed to begin saving for the next one.

Plus, we’re already tightening our money belts. Since we’re in the swing of things with saving money, it’s natural to set aside some for the future.

When Will There Be Another Pandemic?

We can’t predict when there will be another pandemic. We don’t know what it will look like when it happens. But experts say that the likelihood of another one is extremely high.

The World Health Organization and United Nations General Assembly say:

“COVID-19 will not be the world’s last health emergency and there is an urgent need for sustainable health emergency preparedness to deal with the next one.”

And Harvard Business Review goes so far as to say:

“SARS in 2003, H1N1 in 2009, MERS in 2012, and now Covid-19. We don’t know when or where, but we know with 100% certainty that another deadly infection will strike.”

Why You Should Be Saving For The Next Pandemic Now

So, number one, you should start saving now because there’s an extremely high likelihood that there will be another pandemic. Second, you’re already in the mindset to really understand the difficulty of living in the pandemic. Therefore, you’re in a good position to make the changes and sacrifices necessary to save.

After all, despite all of the financial struggles of 2020, nearly one quarter of Americans managed to save money during the coronavirus pandemic. And nearly half of people are spending less than at the same time last year. The “new normal” is to save money. For one thing, you’re probably not traveling. Of course, cutting out travel saves a lot of money.

Moreover, experts recommend using your COVID-19 experience to review your savings plan. Many people kept the traditional 3-6 months of income in their emergency fund. However, in the face of the pandemic, that ran out. Therefore, you might want to consider saving 6+ months in your emergency fund for the next time.

Finally, you might be able to negotiate your bills at this time. COVID-19 impacted so many people that lenders and service providers have put plans in place to help reduce costs for their customers. If you can take advantage of those plans, then it could be a silver lining for saving money.

Tips on Saving For The Next Pandemic

Obviously, saving for the next pandemic isn’t easy. Heck, it’s hard to save money in the healthiest of times! However, it is possible to set aside money.

Check out our article on How to Maximize Savings During a Pandemic. Tips from that article include: stringent budgeting, getting very clear about needs and wants during a pandemic, and skipping dining out in favor of all meals at home. In other words, go back to the basics that you already know about living frugally. When we earn more, we sometimes splurge more, but you probably already know how to cut back. Now is the time to implement those good money habits.

Similarly, North American Savings Bank recommends five key tips to save for the next time this happens:

  1. Create an emergency fund.
  2. Avoid major expenses.
  3. Reduce your outstanding debt.
  4. Manage your expenses.
  5. But, keep your home office.

In fact, that last one is perhaps the only bit of advice that differs now from traditional plans to save a lot of money. Many people over the years have scaled down their housing to reduce costs. Tiny homes and other small spaces help people save on rents and mortgages. However, now that many people are home all of the time – working at home, homeschooling their kids – more space might be worth that extra cost. It’s important to find a way to balance your household expenses with the space that you need. And remember, real estate is an investment. You might want to read: Which Real Estate Investments Are Safe During the COVID-19 Pandemic?

Other than that, though, it’s really all about going back to the basics.  Lower your costs as much as you can. Set aside as much as possible in savings. Also, check out our article on 10 Unusual Ways to Make Money During a Pandemic. It might feel like it’s impossible to make extra money right now. However, that’s not true at all. You do have options. And of course, the more you can make, the more you can save.

Finally, review your investments. You can still make money investing during COVID-19. Here are some articles that might help:

Governments, the Economy, and the Next Pandemic

While this article is primarily about individuals saving for the next pandemic, it’s important to note that much should also be done at the state, regional, national, and international levels. Governments and private organizations can do a lot towards improving the situation for next time in terms of reducing both the health impact and the financial troubles. Spending money to prevent the next pandemic would not only save lives but would also save economic costs down the line.

For example, scientists suggest “preserving forests, clamping down on the illegal wildlife trade, and starting a broad system of surveillance to catch emerging diseases before they spread.” All of this can lead to preventing the next pandemic or seriously limiting its spread and impact. This makes sense on a financial level as well. The scientists estimate that these measures would cost between $22 and $31 billion per year. Obviously, that’s a lot of money. However, it’s a fraction of the estimated cost of the COVID-19 pandemic, which is $27 trillion in 2020. In other words, “The cost of preventing the next pandemic is 2% of the cost we’re paying for COVID-19.”

The Harvard Business Review says that the United States government should consider affordable health care options for all citizens as a means to prevent individual and collective financial troubles during the next pandemic.

Are you saving for the next pandemic now? Share your thoughts in the comments!

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

 

Should You Go on a Vacation During a Pandemic?

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Vacation During a Pandemic

Many people postponed or canceled their vacations when COVID-19 first hit. But now that it’s been here for months and shows no signs of slowing anytime soon, people are starting to want to resume their travel plans. With the holidays coming up even more people are likely to wonder if they should go on vacation during a pandemic. Here are something things to consider as you make that decision for yourself.

Pandemic Travel Pros and Cons Are Personal

Ultimately, the decision about whether or not to go on a vacation during a pandemic is a highly personal one. After all, even if other people would feel safe doing so, you’re not going to enjoy your vacation if traveling during this time feels very stressful for you. On the other hand, you might regret not attending a very special event despite the risks of COVID. You have to decide if the potential gains are worth the potential losses.

Benefits of Taking a Vacation During a Pandemic

Here are some of the reasons that people say that they have or would take a vacation during the COVID-19 pandemic:

  • Travel is cheaper. Whether you fly or rent a car, the rates may be cheaper right now since fewer people are traveling. Likewise, housing may be cheaper.
  • You really need to get away from home. If you’ve been sheltering-in-place / working from home then you might just really feel like you have to get out of the house. Balancing the health risks of taking a vacation during a pandemic with the mental health challenges of staying stuck at home might find you erring on the side of getting out and about.
  • You might not need to take vacation time. If you’re working remotely, perhaps you can work during your trip. If you usually have to work in an office, this can be a different experience for you and might be one that you enjoy.
  • You want to attend a big event, such as someone’s wedding or family reunion. Remember that big crowds do put you at greater risk of contracting COVID-19. That said, if you don’t want to miss a big event, then you might find it worth it to travel.

Drawbacks of Taking a Vacation During a Pandemic

  • Travel is less convenient. Although cheaper, you may find that it’s not as convenient as usual to take a vacation during a pandemic. Fewer hotels are open. Flights are (theoretically anyway) not booked to full capacity. So, getting the logistics taken care of might be harder than you’re used to.
  • The things you want to do might not be open. Museums, stores, restaurants, and other places that you might want to visit could be closed. Even if they are open, they might be operating a smaller capacity, so you may have trouble getting in. If you’re the type of person that likes to see all of the hot spots when you travel then it might not make sense to vacation during a pandemic.
  • Your exposure to COVID-19 is greater than if you stayed home. Learn more from the CDC about taking a vacation during a pandemic.

Things to Consider for Pandemic Vacation

If you weigh the pros and cons and decide that you do want to take a vacation during a pandemic, then make sure that you consider the following things:

Destinations for Pandemic Vacation

Where do you want to travel? Have you checked to make sure that you’re even allowed to travel there. Americans currently aren’t welcome in many destinations due to COVID-19 restrictions.

Moreover, have you checked to see how your desired destination is handling the pandemic? Even within the United States, COVID-19 rates and restrictions vary drastically. For example, San Francisco (which is one of the big cities with the lowest COVID-19 rates) has not yet reopened indoor dining.

Check the latest mask mandates and other requirements / precautions in your destination before you plan the trip. Also, make sure you know the most recent information for your destination’s quarantine regulations. Some areas, both within and outside of the United States, require a quarantine period from visitors upon arrival to the new area.

Means of Travel During a Pandemic

How are you going to get to your destination? Many people say that they wouldn’t want to travel by airplane during the pandemic. However, they may be comfortable doing a road trip their family. That said, a lot of people are going that route so many RV parks and campgrounds are booked full.

Cruise boats, trains, and buses are all travel options that have various restrictions during COVID-19. Consider the risks, weigh the benefits, and make sure that you know what the restrictions are for your chosen modes of travel.

Accommodations for Vacation During a Pandemic

First, check what accommodations options are available in your destination area. Are hotels open there? Are AirBnb rooms available or are they limited to rental only to essential workers?

Next, consider the risks of each option. Don’t hesitate to contact a hotel or AirBnB host to find out what precautions they are taking to reduce pandemic risks. For example, I took a weekend road trip to a hotel in a small town and some of their precautions included limited capacity, masks required in common areas, and no room cleaning during your stay but extra cleaning before and after.

Remember to review the amenities that will be closed before you book accommodations. For example, if you love to travel to hotels with spa service, you might be disappointed to learn that a hotel is open but its spa is closed during the pandemic. Likewise, a wine happy hour in the lobby of a boutique hotel may or may not be open.

Finally, you might consider alternatives to traditional accommodations. If you have a camper van or RV, perhaps camping makes the most sense. That said, people assuming that National Parks will be mostly empty could find that they’re booked full. Or, because it’s also fire/hurricane season, that they’re closed all together in certain areas. Plan ahead.

Additional Pandemic Considerations

Here are some of the other things that you’ll want to consider as you plan a vacation during a pandemic:

  • What are your plans for meals? Do you feel safe getting restaurant take-out food? Should you bring a camping stove and prepare your own meals?
  • Are all of your usual vaccines, including your annual flu shot, up to date?
  • Do you have any specific medical conditions that put you at greater risk than average for COVID-19? If so, what precautions do you need to take to best protect yourself during the trip?
  • Will you quarantine upon return home? What does that look like? Do you need to build that time into your vacation plan?

Weigh the pros and cons. Research so that you can plan ahead and take precautions. Then, if you decide to go, enjoy your vacation!

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

Where Can I Buy Rolls of Quarters?

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Buy Rolls of Quarters

There are many strange ripple effects happening as a result of the COVID-19 pandemic. One of those strange ripples is a national coin shortage. If you’re like me, you’re struggling to get quarters to do your laundry. If you need to buy rolls of quarters, here’s some information that can help.

There’s a National Coin Shortage

I would never have thought that one day I would walk into my bank, ask to buy rolls of quarters, and receive the news that there were none. And yet, that’s exactly what happened one day about a month ago. The two banks closest to me each explained that there’s a national coin shortage.

It’s economically complicated, but the gist of it is that the way that COVID-19 shut down the economy has led to a decrease in availability of quarters. For one thing, people simply aren’t out spending cash. The quarters that they do have are sitting at home, unused, not out there circulating in the economy.

Moreover, the National Mint reduced the number of workers it had to the bare minimum in order to keep everyone safe during the coronavirus pandemic. As a result, they weren’t producing as many coins as usual. This led to a shortage. While most people don’t care about most coins for everyday use, quarters are still important. My building is one of many in this city, and of course in many cities across the nation, that offers laundry only if I pay the machine in quarters.

I have very few options besides quarter-based laundry. There is no laundromat anywhere near me. And even if there was, they are also suffering from a quarter shortage, so I might not be able to get quarters for the machines there anyway. I could have a wash-and-dry service do my laundry and bypass the quarters problem but that gets very expensive very fast, especially if I’ve got big loads of blankets and other heavy laundry.

So, I need to buy rolls of quarters. And yet, my bank doesn’t have them. So what is there to do?

First, Do Check Your Local Bank

Banks are doing their best to offer quarters when they can. For example, the Wells Fargo Bank where I have an account was able to give me $20 in quarters one week. The following week I was able to buy $10 worth of quarters. Then they didn’t have any but Chase, where I don’t even have an account, was able to sell me $10 worth of quarters.

So, check your bank. You might be able to buy rolls of quarters from them. Typically, you’ll have to buy just one – or if you’re lucky, two – rolls at a time. But it’s better than nothing. It’s helpful if you have an account with the bank. Your credit union might be a good choice. And if you happen to have a business account then you’ll have a better chance at getting first pick to buy rolls of quarters from the bank when they become available each week.

Convenience Stores and Grocery Stores

You might also want to try to buy rolls of quarters at your local grocery store or convenience store. Whether or not they will sell them to you varies by location. Plus, of course, with the coin shortage, they might skimp on them more than they did in the past. Nevertheless, it doesn’t hurt to ask.

If you frequent a local store, rather than a big chain, and they already know you as a customer then they might be more amenable to helping you out. I was at a local convenience store chatting with the owner about the fact that a lot of places aren’t taking cash right now (even though legally they are supposed to) which led us into a conversation about the national coin shortage. He immediately offered, “hey, if you need to buy rolls of quarters, I have some.” Being friendly to your local small business owner can go a long way in times like these.

Head to The Laundromat

If you need to do quarter-based laundry, then you might have some luck at the laundromat near you. Unfortunately, with the coin shortage, most laundromats will not sell quarters to you unless you are going to do your laundry on site. They’re struggling, too, and they need those quarters for their customers. If you’re a customer, then they’ll do their best to let you buy quarters.

Fast Food Restaurants, Gas Stations, and Other Stores

You can always ask to buy rolls of quarters at any store that you happen to already be shopping at. Even if they won’t sell you full rolls, they might be able to give you $1 or $2 in quarters. It certainly doesn’t hurt to ask, and you might end up getting the quarters that you need.

Note that if you’re going to a large store, such as a bog box store or a chain grocery store, then you might have better luck at the customer service counter than at the register.

Is There a Local Arcade?

There are several great local arcades in San Francisco. Normally, I can go into any one of them, put money into a machine and get quarters back. Of course, they aren’t rolled quarters, but they’re quarters all the same. Unfortunately, all of these places are closed during the COVID-19 pandemic. But that’s not true in other places in the country. So, if you happen to live in a place where arcades are open, that’s another place to add to your list of where you might try to get quarters.

Ask Friends and Family

Once I started running out of quarters for laundry, I started mentioning it to everyone that I know. It turns out that there are a lot of people with quarters in their homes that they aren’t using. Not everyone has to have quarters for laundry. Those that don’t have been more than happy to let me buy rolls of quarters from them. I’ve bought them from a neighbor, my partner, and my sister. (Okay, my partner and my sister actually just gave me theirs, but I would have given them the equal value in cash if they had asked.)

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

10 Smart Podcast Episodes to Help You Understand Money During Coronavirus

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Smart Podcast Episodes

If you aren’t following financial podcasts, then you’re really missing out on a lot of terrific information. Here are 50 of the best money podcasts to get you started. In the past few months there have been some really smart podcast episodes for people who are interested in the way that the coronavirus pandemic intersects with finance. Even podcasts that aren’t solely focused on money have addressed this important topic.

Here are my top ten recommendations for smart podcast episodes related to COVID-19 and money:

1. Money and Coronavirus: Sam Sanders and Jill Schlesinger

This is the May 20, 2020 episode of It’s Been a Minute with Sam Sanders on NPR.

The episode begins by saying, “we are going to talk about the economy – but trust me, dear listener, it’s gonna be a chat that is ultimately uplifting in spite of all the numbers we’re all seeing.”

Sam goes on to note that:

  • One in four workers have lost their jobs since coronavirus began
  • More than 40 million Americans have filed for unemployment
  • People want to know whether young, middle-aged, or older people are most impacted

That last point is what the podcast is about. Sam speaks with Jill Schlesinger about the economic impact on different generations. She doesn’t hesitate to say that this is the worst economic recession she has ever seen. Then they discuss the intersection of age and class with the economic impact of COVID-19.

(Fun fact: the second half of the episode is about a Judge Mathis newsletter. If you like something light following your coronavirus financial news, this is a good option.)

2. Coronavirus: Financial Priorities

Speaking of Jill Schlesinger, the Jill on Money show has a lot of smart podcast episodes on this topic. These are short (10-20 minute) that answer questions you might have. My favorite is the May 20th episode on reassessing your Financial Priorities. But other recent episodes address key things including how coronavirus has impacted:

  • Negative interest rates
  • Needing a trust
  • Whether or not to buy Bitcoin
  • The Future of Work
  • Where to invest
  • Maxing out a Roth IRA early

3. Rent in the Time of Coronavirus

This is the May 26, 2020 episode of The Indicator from Planet Money on NPR. It’s a short episodes, less than nine minutes. Nevertheless, I think it’s one of the smart podcast episodes out there addressing a key issue affecting many of us today.

Individuals are struggling to pay rent. Some states have eviction moratoriums, some don’t. Even if you have one, how will you pay the back rent when things return to “normal”?

And if you’re a landlord, how do you cover mortgage payments if your tenants can’t pay rent? This podcast begins with a personal individual story that highlights this important aspect of money concerns during COVID-19. Then it goes on to discuss the issue at a national level.

If you want to get more information about the impact of coronavirus on personal finance, I definitely recommend this podcast. The April 20th episodes is about “coronavirus and the digital divide” and the April 2nd episode is about how businesses are pivoting to adapt to the “new normal.”

4. Falling Interest Rates and Real Estate Investing in the COVID Era

The How to Money Podcast is a smart podcast that is well worth tuning in to if you’re interested in financial matters. In particular, the show’s Friday episodes are specifically about the intersection of current news and personal finance. As a result, many recent episodes have looked at how COVID impacts our money.

The June 5, 2020 episode covers four key topics:

  • The increase in financial scams since COVID-19 began including stimulus check scams but also more unusual scams including pet adoption scams!
  • The pros and cons of falling interest rates for student loans, mortgages and other loans
  • Pay cuts at work for people who are still employed
  • Whether or not it’s a good idea to invest in real estate during this precarious time

5. Being Sold A Better You During COVID-19 with Amanda Montell

Some people love listening to really short podcasts. Other people like lengthy podcasts. I appreciate the former but tend to prefer the latter. I’ve just always loved long-format media. So I’m a particular fan of smart podcast episodes that are around an hour long. If you feel the same way, then be sure to check out this podcast. It is Season 6, Episode 7 of the Bad With Money Podcast.

This one is all about how people are taking advantage of the fear of coronavirus to sell you things that you don’t need. It’s about scams. However, it’s also just about smart – but sketchy – marketing. It discusses linguistics, the change in marketing language, and how we are “being sold a better you.” You’ll learn to look for keywords such as “contactless delivery.” You’ll learn to pay attention to companies pushing anti-anxiety or anti-virus products that might not actually help you out. It’s fascinating and I highly recommend this one.

6. Coronavirus: Is It Time to Give Up on Financial Independence?

The BiggerPockets Money Podcast is another one that has longer (hour plus) episodes. If you’re interested in FIRE information then it’s a good one to check out. Not all of the recent episodes directly relate to the impact of coronavirus. However, several of them do.

In particular, I liked the April 5th episode. They brought together four guests that retired from traditional employment and live the FIRE lifestyle. They come together to discuss how this pandemic is shaping and changing their lives as well as current and future finances.

7. Saving Money During Coronavirus: Some Not-So-Obvious Tips

Even though I love those long episodes, I do also think it’s helpful to listen to some “quick hit” tips. The WSJ Your Money Briefing podcast has episodes that are typically ten minutes or less. The May 27, 2020 episode is seven minutes rich with some great relevant-right-now money-saving tips. They emphasize “little hacks” that save just a tiny bit at a time. For example, there’s a reminder (and how to guide) to rank your expenses not determine what spending. Then you can cut that thing out and use the money as part of your weekly savings plan.

Other recent episode topics include:

  • How to Help Your Parents with Finances in a Pandemic
  • Unemployment Fraud Rises as Claims Hit Record Levels
  • Should You Withdraw From Your 401(k) During the Economic Crisis

8. Quarantine Life: What to Do Abut Kids, Celebrations, and “Free” Money

At thirteen minutes, this is one of the shortest episodes of The Rachel Cruze Show. She has some longer ones that address interesting topics including “what to do with your money during the coronavirus” and “how to bulletproof your emergency fund.” This one is a little lighter but I think it’s also really important for all of the people out there who have kids, especially kids who have birthdays, graduations, and other celebrations during coronavirus.

She talks about how the nice thing is she doesn’t have the pressure of “doing too much” for these celebrations because COVID-19 means that they’re just going to be at home. Nevertheless, you can do some fun memory-making things without spending much money. She also offers half a dozen suggestions for free entertainment at home for kids (that aren’t necessarily for parties or celebrations.)

9. Coronavirus, Oil, and Kansas

Have you ever wondered about the price of oil? Do you understand how it’s determined and what role global economics plays in that? If not (or even if you would just like a recap), this is one of those great smart podcast episodes that provides a succinct explanation. And it does so through the lens of coronavirus.

As they say at the top of the podcast, they “follow the plunge in oil prices from a viral outbreak in China to a meeting in Vienna to a little mom and pop oil business in Kansas.” They explain the history of OPEC. Then they delve into the geopolitics of oil prices. This episode came out early in the coronavirus pandemic, on March 11, 2020. It’s a Planet Money podcast episode.

10.The Emotions of Money with Suze Ormon

Suze Orman’s Women & Money podcast has several episodes that directly address the impact of coronavirus on personal finance. For example, March 22nd was about Getting Real With Your Money During the COVID-19 Crisis and March 29th addressed the stimulus.

However, my favorite recent episode doesn’t have COVID in the name or podcast description, and yet it seems highly relevant right now. It’s about The Emotions of Money. She talks about how desperate, and even suicidal, people feel because they are financially desperate. She shares that her own cousin took his own life in this situation last year.

Suze talks about how important it is not to let emotions dictate our financial decisions, including if/how we choose to deal with the stock market. In the face of not just coronavirus but also the BLM movement and the larger political landscape, emotions are running high. We can cope with those emotions in many ways, but she suggests we don’t let fear and anxiety make our financial decisions for us.

Am I missing any of your favorite recent podcast episodes about how coronavirus has impacted finances? Educate me by sharing in the comments!