Give your finances a boost

Many people are dealing with uncertainty and anxiety caused by the coronavirus pandemic. Here are steps you can take if you’re worried about your finances but haven’t experienced a substantial loss of income or increased expenses so far.

1. Keep up with your bills. If you can still pay your bills, it is best to stay on track. Many companies are offering the option of temporarily pausing or reducing payments on your bills, but you will still owe the money you have not paid after the deferral period ends.
2. Keep your money safe. Your money is safest in the bank. Unlike money kept at home, you have federal protections on money you’ve deposited. You will always be able to get cash when you need it.
3. Get money smart. Prepare now for an uncertain future by tracking your spending, building a budget, and taking stock of your overall financial well-being. Having a clear picture of your spending helps you identify where to better manage your money. While some of your expenses, like childcare or entertainment, may have stopped for the time being, try to build a plan to cover the basics – food, housing, utilities, and phone – in the event of a layoff or furlough.
4. Stay the course. Even though your retirement savings and investments may have declined in value over recent months, it pays to stick to your long-term strategies. While it may feel like a financial roller-coaster, a long-term perspective is even more important during times of uncertainty.

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