With community shutdowns taking place across the country right now it’s time to review your financial security so that you can maintain some stability in the weeks and months ahead. This time is going to be a wakeup call for every household to focus on their current and future financial situation.
The National Foundation for Credit Counselling suggests that consumers start now to review their individual situations. Here is a list of things to get you started:
Assess your current situation.
Make sure that you have a written budget and know where your money is going or needs to go. You can use these budget resource pages from the Family Financial Education Foundation to record everything in one place, or try the online Home Budget Calculator at Bankrate.com.
Face the facts.
There isn’t going to be an easy solution for the current situation. The government is discussing ways to provide financial aid, but it may take time in coming and everyone’s situation will be different. Financial problems don’t resolve themselves. You may need to make choices now to curb your spending for the next few months so that you are able to weather the coming economic rollercoaster. Acting now rather than waiting to see how things play out is important.
Take control of your finances.
While you can’t control everything right now such as job loss or reduction in income you can get a handle on what you do have. Review your credit report, create a cash-flow calendar showing all sources of income, and compare that to outgoing funds, the due dates on your bills and debts. Prioritize payments and set up a payment plan for each bill. This can help you stay on top of critical bills while working through the stress of covering all of your responsibilities.
Don’t make hasty money decisions.
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Now is not the time to sell off all of your investments. Market volatility is normal and economic downturns don’t typically last very long. Stock markets along with your 401K will recover given time. You can reduce your risk by making sure you have a balance of stocks and bonds in your portfolio.
Use time off wisely.
If you are forced to stay home during the shut-down don’t just turn on Netflix. Use the time constructively to improve your skillset and catch up on training classes or overdue projects. YouTube offers endless do-it-yourself tutorials for free, or find a site like lynda.com or udemy.com for low-cost classes. Continuing education programs at local community colleges also offer full online classes and even top universities like Harvard and Stanford offer courses for free. Create a side hustle to make some extra cash or research new job options if your current job isn’t a good fit.
Take care of yourself.
Anxiety over finances only makes the general atmosphere during a crisis even worse. Make sure you are taking time to care for your own health. Get enough rest, practice breathing techniques, find time to relax and keep in mind that the crisis will end and life will get back to normal soon.
Reach out for help.
If you find yourself in a bad situation don’t be afraid to reach out for help. Whatever you do avoid quick-cash loans or dipping too far into your savings or emergency funds. If you find yourself in a place where you just don’t know what step to take next, our credit counselors can help you look at your budget and find a workable solution for you! Call us at 877-789-4172 to speak to someone.