Financial Health Tips During the COVID-19 VirusWhile the COVID-19 virus has impacted the physical health of some, it has also created financial challenges. SECU cares about your financial well-being and wants to assist you during these difficult times. Below are general tips to help you distance yourself from financial stress and protect your economic health:
- Review and adjust your budget by first prioritizing your expenses. A temporary reduction in household income may be partially offset by a reduction in non-essential expenses, such as money saved on gas, entertainment and travel excursions.
- If you have been laid off from your job or are experiencing fewer work hours due to the COVID-19 virus visit the Division of Employment Security website for information about filing for unemployment insurance benefits.
- Contact your creditors and service providers to let them know about your situation and ask about loan assistance options.
- Beware of telephone and online scams intended to prey on your fears and concerns.
- Resist the urge to shop online for non-essentials. Avoid "panic purchases."
- Create a plan for your Economic Impact Payment funds. Try to maintain some funds in an emergency savings account. Unexpected expenses may still occur during these challenging times.
- Meet with members of your household to discuss the current situation and any temporary spending and lifestyle adjustments that may be needed.
- Research and take advantage of local business, civic, faith-based and government assistance.
- Check on family, friends and co-workers. Share any tips you find useful with them. We are all in this together.