3 Tips to Maintain Good Financial Health

Mother and grown daughter hugging, maintaining their financial health during the pandemic

The COVID-19 pandemic has thrown routines out of balance, and while staying healthy is a top priority, we also know that many are concerned about how this pandemic is affecting their financial health. So, we thought we’d share three ways to help you maintain your financial wellness during this uncertain time.

Consider Refinancing Your Loans

If your finances are in pretty good shape, now’s a good time to take advantage of historically low interest rates to refinance your mortgage, personal loan or auto loan. You could save a bundle on your monthly payment, which could give you some financial breathing room if money becomes tighter down the road.

If you’re rebuilding your credit, there are still lots of options to help you get on better financial footing. Remember, we’re here for you and ready to help when you need it.

Stash More into Your Emergency Savings

If you’re lucky enough to still have a paycheck coming in during the stay-at-home order, resist the lure of online shopping and instead use the money you’re saving by not going out to boost your emergency savings. Try things like doubling your normal monthly savings amount, or if you received an economic impact payment, stash some of it away, if possible. It’ll reduce your stress knowing you’re better prepared to overcome financial setbacks in the future.

Stick With Your Current Investment Plan

We understand that the recent fluctuations in your IRA or 401K can be unsettling, but don’t push the panic button. Having the right mix of assets can help reduce the impact of volatile markets, and whether you’re a young professional or nearing retirement, it’s best to avoid making any big changes to your investments, unless you really need the money right now. Even then, it’s smart to speak with your financial advisor beforehand, so you understand all your options.

For the most up-to-date information about how USECU is responding to the pandemic, visit our COVID-19 Updates page and follow us on Facebook, Twitter, and Instagram.

You Might Also Be Interested In

Traditional vs. Roth IRA: Which Is Right for You?

If you’re looking for a flexible way to save for retirement, a Traditional or Roth IRA could be your solution. But which one is best for you? Read More
Financial resolutions

3 Solutions to Help You Keep Your Financial Resolutions

It’s a brand new year! An opportunity to press the refresh button, and a perfect time for self-reflecting, goal setting, and mapping out our lives for the next 365 days. Our resolutions act as a guidebook to success, and if we follow our path precisely, then we’re supposed to feel a real sense of accomplishment, right? But sadly, most people Read More
Savings Options

What Kind of Savings Account Is Right for You?

Learn about different savings accounts so you can decide on the best way to save toward whatever your heart desires. Read More