Four years ago The Great Recession was still impacting millennial families. And now, the coronavirus recession has affected the mental, physical financial, and overall livelihood of millennial families. With no end of stay-at-home orders or a cure to COVID-19 insight, it can be difficult to think of silver linings the coronavirus recession has brought.
Upsides to the coronavirus recession for millennial families
Suspended payments on government-backed student loans.
Student loans are a significant drain on cash flow for many millennial families. But, if you have a government-backed student loan, there is an excellent chance that your payment is suspended until September. Hence, you can enjoy this reprieve or keep making your payment.
A jump-start to retirement saving.
If you had been more likely to take advantage of spring break instead of the tax break you get with an IRA contribution. So, now can be an ideal time to jump-start your retirement saving.
Buying your ideal family home at a lower interest rate.
Houses are sitting on the market longer because people either can’t get approved or are apprehensive about making a purchase. Hence, this situation leads to falling housing prices, which, along with a drop in interest rates.
Now can be the ideal time to refinance a loan, so you can lower your monthly payments. The interest rate can be lower and produce a monthly saving.
A career change to a company that embraces working parents.
It might be time to consider a career change. Some companies are now adopting more family-friendly policies, such as Twitter’s decision to allow employees to work remotely forever. Or, this could be the perfect time for you to build a business that compliments your lifestyle and allows you the flexibility to be present with your family.