Now is the time to ensure you are in the best financial position you possibly can be. While we understand the current situation is causing uncertainty and stress, as your financial partner for life, we also know that financial stress can impact not only an individual’s and families’ long-term financial well-being, but also their physical and mental health.
We are here help and want to assist you in working through these challenging times by providing the following resources, tips and information:
- Prioritize your bills – Whether your job has been affected or not, look at all your bills and identify which ones are critical and those that you may not need to pay immediately.
- Reduce spending – Start to reduce nonessential and discretionary spending in the event things get worse. These expenses can include entertainment, certain food items and luxuries. Those savings should be stuffed away in a savings account as an emergency fund in the event you lose income in the next few weeks or months.
- Reach out to credit cards – If you’re already losing income and having difficulty paying your debts, reach out to your credit cards providers immediately.
- Be on the lookout for price gouging and scams – It is illegal for businesses to take unfair advantage of consumers by selling goods or services that are ”vital to the health, safety, or welfare of consumers.“
Our Live Smart Bank Smart Blogs provide a variety of information on topics that help our members learn more about financial services, money management and the importance of savings:
- Focused on Financial Literacy
- Simple Money-Saving Tips
- 3 Ways to Avoid Being Overwhelmed by Your Finances
- 7 Common Mistakes in Budgeting Money
- What are You Saving For?
The Consumer Financial Protection Bureau (CFPB) is committed to providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time. If you are facing financial difficulties as a result of the coronavirus (COVID-19) pandemic, following is additional resources to help you protect and manage your finances: https://www.consumerfinance.gov/coronavirus/
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