Handling Your Finances During the Coronavirus
As people around the country are coping with a rise in the number of recorded incidents, authorities are trying to tackle the rising threat of Coronavirus to public health. The temporary closing of businesses, schools and other public facilities have left employees without jobs or furloughed in some instances. These measures are important to minimize the risks to the public, but they may cause financial uncertainty for many people who may experience a loss of income due to sickness or closures in the workplace. With the looming news and constant updates about the novel COVID-19 Coronavirus going around, many people are feeling worried and frightened about the state of their finances. It is very natural and expected that many will feel some kind of panic and concern.
There are some proactive measures that you can take, even when things are uncertain. If you are facing a loss in wages or an impact to your business whether it is temporary or permanently, the Federal government is making efforts to encourage businesses to work with consumers.
- If you have a feeling that you may not be able to make the next payments on any upcoming bills, contact the corresponding companies as soon as possible to let them know about your situation. There are several options available to you depending on the company. You could request to have loans deferred or put on a forbearance. Many banks and creditors have already started implementing policies and preparing their employees to respond to your inquiries during this time.
- Have an open and honest conversation with your significant other and your family about financial expectations. No one could have thoroughly prepared for the changes in everyday life that are happening now, but there are ways to navigate this and come out on top. It’s beneficial for those with children to properly relay how the virus is changing the household financially. For example, a child who is use to taking weekly Friday trips to a game store because he had a good week in school may still be expecting those rewards. However, splurging on extra games for your child who may be growing bored at home is not a great use of your money while things are uncertain.
- Prepare for the worst and only spend on what you need for essentials. Experts are changing their predictions each day about just how severe the impact of the Coronavirus will have not only on communities, but our economy as well. The brutal truth of it all is that there is no 100% certainty how long society as we know it will be shut down. It is better to be prepared ahead of time then scrambling for resources later. Be economical about what you are purchasing during this time.
If you need help with your budget or have concerns about how this virus will impact your financial future, speak with one of our advisors today who can help you.