Strategies To Stay Financially Sane During Coronavirus
posted
on Tuesday, June 30, 2020
in
Education
During the coronavirus pandemic, you might have some questions about your finances, paying bills and how it all might impact your credit score. Here are some great Do and Don't tips when it comes to your finances during these unusual times!
Do
- Check your credit score to know where you stand. Keeping track of your financial standing is important no matter what the world looks like. Checking your credit score periodically will help you set goals. Northwest Bank customers can access their credit score* along with personalized tips on how to improve or maintain an already great score with Credit Sense. It's built right into your already easy-to-use Online and Mobile Banking App, so you won't need a new login. *Enroll Today!
- Beef up your emergency savings. A stimulus check may help you bear the weight of this global pandemic. If you do not need that money immediately, stow it away for later, don't let it burn a hole in your pocket. Open a Northwest Bank savings account today!
- File for unemployment if you qualify. Thanks to the CARES Act, the federal government is issuing an additional $600 per week for all of those who qualify on top of the state unemployment checks they already get.
- Allow yourself to feel things. Financial health scares can cause feelings of sadness and anxiety. Allow yourself to be stressed, and do things to combat those feelings. Exercising and reaching out to friends can help turn things around.
Don't
- Avoid credit card payments. Even if money is tight, do what you can to pay at least the minimum amount on your credit card bills each month. Try to avoid late fees and any impact to your credit score.
- Rack up your credit card bills. Don't shop just because of the 20% off tag. Remember: you only save money when sale shopping if you were going to buy that item at full price anyway.
- Take it personally if you loose your job. Spend time caring for yourself, keep busy with things you never had time for while you're looking for work. This too shall pass.
- Ignore your finances. Even though it is definitely stressful to face the reality of your financial situation, keeping an eye on your standings will be beneficial both now and in the future. Now is a good time to take a look at your overall finances (checking, savings, retirement, credit limits, etc.)
To learn more ways to manage your finances, complete this form and a Personal Banker will be in contact with you!
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