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.