Managing Finances in Times of COVID-19

Managing Finances in Times of COVID-19

Without question, managing finances in times of COVID-19 can be unsettling. It’s challenging enough to have concerns for health and safety, during these times. Add to that the concerns for financial security and we can see why so many are worried and stressed.
Globally, these are some trying and difficult times. These times are unlike most any other in history. We are facing social, health and economic challenges that demand a sober and sound mindset.

While federal and state-level decision makers disagree on how best to deal with this global crisis, we must still responsibly manage our finances.

On an individual level, we must be proactive. We must have clarity of mind for the financial decisions (and sacrifices) we may need to make. The reality is, our banking and lending institutions may not be as forgiving as we may want them to be. So, it is in our best interest to have the discipline to make the tough decisions needed to weather this financial storm.
 
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Discipline and Perseverance

Just as before this crisis, even now, your credit journey is determined by your level of discipline and perseverance. According to the well-known financial management system, Quicken, Financial discipline refers to, “how well you are able to conform your spending and saving to the plans that you have set to achieve your monetary goals.”
Indeed, these are some stressful times. Yet, studies have shown that when individuals discipline themselves to live within their means, it reduces their stress levels. Living within your means is a key factor in reducing the stress associated with financial uncertainties. Just the simple act of financial discipline can significantly contribute to our sense of personal and mental wellness, in the face of this current global pandemic.

Available Resources

In times like these, it’s good to know that there are resources available to help with managing our finances in times of COVID-19. Quite a few businesses, institutions and organizations are offering relief to help individuals and business owners weather this storm.
Notably, the IRS offers tax relief in response to the coronavirus. On their site you will find information for tax relief and impact payments related to COVID-19. You will also find answers related to frequently asked questions on the topic of stimulus payments.
Another resource is found through the Federal Trade Commission, who has ramped up information related to fraud and consumer complaints as a result of COVID-19. As you manage your finances during this time, be aware that scammers are targeting individuals by looking to capitalize off of the pandemic. The FTC has a free downloadable (PDF) guide to help you avoid Coronavirus scams. Be sure to never give out personal financial information to individuals contacting you via phone.

A good rule of thumb is, only provide personal information if you initiated the call.

Students are able to get help during this time too. In fact, a host of relief possibilities are available for students holding loans. Did you know, some student loans will qualify for a temporary 0% interest rate? In addition, other loans allow for payment suspensions. If you’re a student, it’s a good idea to check The Consumer Financial Protection Bureau for financial relief.
In conclusion, managing finances in times of COVID-19 does not have to leave you feeling hopeless. You can do it with the right discipline. Do you now see the importance of discipline? It’s been a theme that we continually reemphasize at Empowering the Possibilities. If you do, it may be time to talk to someone about how to get from here to there. We would love to speak with you and offer free insights and guidance on turning this moment of crisis into an opportunity for building toward your financial success. Contact us now, be persistent in moving toward your goals, and don’t allow anything to stand in the way of your journey to financial success–not even COVID 19!

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