As we navigate the challenges of COVID-19, life has looked a little different. From school and business closures to investing in protective gear, our world has adjusted to a whole new normal in a matter of months. Although the country has begun to reopen, we are still dealing with these changes and the stressors that come with them.
For many, finances have been a major source of anxiety in this time. To help you cope, we share five tips for managing your money during COVID-19 (and in the months that follow).
Adjust your budget as needed.
Chances are, your expenses are not exactly the same as they were a few months ago. With more time spent at home, you may have noticed that your utility costs are higher, your transportation costs are lower, or other expenses may have shifted depending on your needs. Treat your budget as a living, breathing resource that can be adjusted as circumstances change. If you are working from home and no longer commuting to work, for example, you can shift the money normally spent on gas or transportation costs and put that toward savings, debt repayment, or new expenses that have come up during the pandemic. For helpful budgeting tips for families, click here.
Keep an open line of communication.
If the pandemic has affected your income and you are unable to pay certain bills, talk to your creditors and financial institutions. They understand the economic impact of the pandemic, and many are willing to work with you if you are upfront and honest with them. If you can’t afford to pay a bill, call the company you owe and see if you can work out a payment plan.
Know your contactless options.
Although the country has begun to reopen, you may be a little nervous about going out during a pandemic, and that’s ok! Most banks and credit unions offer safe, contactless solutions to make life more convenient, especially during this time. From remote check deposits to tap-and-pay cards to 24/7 call centers, many financial institutions will make it easy for you to manage your money without setting foot in a branch. To learn more about how Addition Financial is responding to the crisis, click here.
Keep your information safe.
In times of uncertainty, scammers are more likely to feed off of fear and distraction in order to take advantage of others. It’s important to be extra vigilant right now and note that certain organizations and agencies, such as the IRS, will never contact you via email or text. If you receive a suspicious message from an organization, do not click on any links or reply directly to the email. Instead, visit the organization’s official website and call the confirmed phone number to ask for confirmation. Also, know that your bank or credit union will never initiate contact with you to ask for your personal information or passwords, so if you do receive a call or an email from them, do not provide any information. For a full guide to avoiding scams and identity theft in this time, check out Episode 5 of the Making It Count podcast with Addition Financial, which you can access here. We include links to the episode on Apple Podcasts, Spotify and Google Podcasts.
Check your credit report.
Identity theft is unfortunately all too common in these times, but you can help protect yourself by monitoring your credit. Right now, you can request a free copy of your credit report from all three credit bureaus at AnnualCreditReport.com once a week through April 2021. Take a look at the report to ensure that all personal information is accurate, especially if you are a “junior” or have a relatively common name, and look through the accounts and inquiries to ensure that no new accounts or lines of credit have been opened in your name without your knowledge. Your credit is your reputation as a borrower, so monitoring it in times of uncertainty is especially important for safeguarding that reputation.
For more helpful resources, webinars, and other online tools, visit Addition Financial’s blog.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust.
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