COVID-19 has inflicted a tremendous toll on the United States — more than 225,000 lives lost and nearly 9 million infections, and on top of that, upwards of 20 million people have seen their jobs disappear.
Have you ever wondered if your city ranks among the hardest-hit?
Recently, personal finance site WalletHub analyzed the 100 largest U.S. cities to get a clearer picture of where financial strain is most acute. The study examined factors including bankruptcy filings, unemployment figures and average credit ratings for each metro area.
Based on those findings, here are the 10 cities that have borne the greatest financial impact from COVID:
- Las Vegas, Nevada
- Chicago, Illinois
- Houston, Texas
- San Antonio, Texas
- Dallas, Texas
- Phoenix, Arizona
- Los Angeles, California
- Austin, Texas
- Miami, Florida
- Fort Worth, Texas
The most noticeable pattern is that half of the cities on the list are in Texas. Beyond that, they’re geographically diverse — they’re scattered across the nation.
If money is tight for you, here are five practical financial approaches to consider:
1. Monitor Your Credit
In turbulent times, keeping an eye on your credit score is wise. A stronger score translates into better terms on mortgages, auto loans, credit cards — and even lower deposits for car rentals or apartments.
If you want to repair your credit or nudge it higher, try a free tool such as Credit Sesame.
In about 90 seconds you can view your credit score, see accounts with balances, and get tailored suggestions to raise your score. You’ll also be able to spot mistakes that might be dragging you down (roughly one in five reports contains an error).
Getting that complimentary credit snapshot takes under 90 seconds.
2. Build a Financial Cushion
Many of us have learned this year that job loss is one of the most stressful events you can face. That’s why creating an emergency fund equivalent to three to six months of pay is smart — it gives you a buffer if you suddenly lose employment.
One way to reach that goal is the 50/30/20 budgeting rule. Take your monthly after-tax income and allocate it: half goes to necessities (50%), the rest is split between discretionary spending (30%) and financial priorities (20%).
Breaking it down: 50% covers essentials like utilities, groceries, medications, minimum debt payments and other required expenses. Thirty percent is for leisure — takeout, streaming subscriptions, or Halloween decorations for your porch skeleton.
The remaining 20% goes toward financial objectives such as extra debt repayments (beyond minimums), retirement contributions and investments. If you’re focused on building an emergency stash, consider cutting back on the fun category — and trimming wherever possible — to redirect funds into savings. A small sacrifice now could pay off later.
3. Move to an Affordable Phone Provider
We all know the major wireless carriers: Verizon, AT&T and T-Mobile/Sprint — and the steep monthly bills they often carry.
Good news: budget-friendly cell carriers are growing in popularity, challenging the Big Three. Many of these lower-cost providers operate on the networks of the major carriers, so you can usually keep dependable coverage while paying far less.
Think about switching to a discount carrier like Twigby, Tello, Mint Mobile or Cricket Wireless. In many cases you can make the switch online and keep your existing phone.
4. Unplug Energy Vampires
Those hidden power drains — devices that consume electricity even when idle — can account for as much as 20% of your monthly energy bill.
Look around your home and you’ll find energy vampires: a coffee maker, cable box, phone charger, and so on. Once you identify them, unplug them when they’re not in use.
Pro tip: use a few power strips. Instead of unplugging every device individually, plug several items into one strip and switch them off together.
That straightforward habit could trim a meaningful amount off your utility bills this year.
5. Buy Groceries at Lower-Cost Stores
High-end supermarkets are nice — stores like Whole Foods and The Fresh Market offer appealing prepared foods and polished organic produce. Regional favorites such as Publix, Harris Teeter, Giant Eagle and A&P have loyal shoppers too.
But they often charge premium prices. You’re paying for the shopping experience.
Try shopping at budget-friendly grocers like Aldi, Costco or Trader Joe’s to see how much you can save.
It might mean changing your usual routine, but 2020 has hardly been ordinary.
Test these approaches and measure how much you can shave off monthly bills. In these times, many of us need every possible dollar.
For additional context on challenging workplaces or pricey places to live, you might also be interested in the worst companies in america and a look at the most expensive cities.
