Strategies to Stay Financially Sane During the Coronavirus

Strategies to Stay Financially Sane During the Coronavirus

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DO: Check your credit score to know where you stand.
Keeping track of your financial standing is important no matter what the world looks like. Checking your credit score periodically will help you set goals. GCEFCU offers free credit report monitoring within Online Banking with our free tool SavvyMoney.

DON’T: Avoid credit card payments.
Even if money is tight, do what you can to pay at least the minimum amount on your credit card bills each month. Try to avoid late fees and any impact to your credit score.

DO: Beef up your emergency savings.
A stimulus check may help you bear the weight of this global pandemic. If you do not need that money immediately, stow it away for later, don’t let it burn a hole in your pocket.

DON’T: Rack up your credit card bills.
Don’t shop just because of the 20% off tag. Remember: you only save money when sale shopping if you were going to buy that item at full price anyway.

DO: File for unemployment if you qualify.
Thanks to the CARES Act, the federal government is issuing an additional $600 per week for all of those who qualify on top of the state unemployment checks they already get.

DON’T: Take it personally if you lose your job.
Spend time caring for yourself, keep busy with things you never had time for while you’re looking for work. This too shall pass.

DO: Allow yourself to feel things.
Financial health scares can cause feelings of sadness and anxiety. Allow yourself to be stressed, and do things to combat those feelings. Exercising and reaching out to friends can help turn things around.

DON’T: Ignore your finances.
Even though it is definitely stressful to face the reality of your financial situation, keeping an eye on your standing will be beneficial both now and in the future. Now is a good time to take a look at your overall finances (checking, savings, retirement, credit limits, etc.).

















jean chatzky





Post author: Jean Chatzky

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.