The Kitchen Table

By: Megan Oberst

 

With the country’s environment changing in response to the COVID-19 pandemic, it is right to reevaluate current practices such as finances, in addition to, the amount of toilet paper in your closet.

Review these easy steps to help keep your funds secure.

• 1. FLATTEN THE CURVE, NOT YOUR BANK ACCOUNT

Social distancing has restricted our usual spending on restaurants, fancy lattes, and transit costs. But online shopping is still the same as it always has been, right at our fingertips. While we sit in our living rooms looking to fill the time usually spent out and about, it can be easy to scroll online for hours and end up making purchases we’d normally overlook. Now is the time to resist excessive retail therapy to avoid overspending during this abnormal time. Before making a purchase, it might be beneficial to consider if you would be buying this item if you weren’t spending 24/7 indoors. Instead of adding to cart, add the money you were about to spend to savings instead.

• 2. CAN’T STOP, WON’T STOP…PAYING THE BILLS

With many current financial changes and breaks being put into effect across the country, it can be easy to bask in the glory of a payment free month. However, if you have the means to continue your payments as usual, it is best to keep your payments on track to avoid falling behind. Resist the temptation to put your money towards other aspects when there are current bills to be paid. Pay now to be financially secure later. If you cannot stay on track with your bills or loans, contact your creditors immediately and be sure to ask for any specific assistance packages being offered during this uncertain time.

• 3. SAVE! SAVE! SAVE!!

The current COVID-19 response changes on a daily basis with new information and new guidelines to adhere to. These unprecedented times have put many individuals in tight situations. Now is the time to be very vigilant with one’s finances. Keeping up with monthly savings and putting aside any extra income that comes along for safe keeping can help you prepare for future costs related to increased utility bills, medical expenses, and of course, the unfortunate circumstance of unemployment. Decrease the financial impact of any of these circumstances by preparing your finances in advance.

Check these easy steps off the list to make financial security one less thing to worry about right now.

*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.