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How to Manage Your Money During COVID-19

4June,2020
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During these uncertain times, it can be easy to feel overwhelmed, especially when it comes to your finances. Whatever situation you may be in, these tips will help streamline your financial planning and manage your budget to help you stay on top of expenses throughout COVID-19.

 

Managing Money in a Pandemic

 

  • Understand your options

Knowledge is your best friend in moments of uncertainty. Knowing what to do if you can’t pay your bills is essential for protecting your assets. Talk to your landlord, credit card company, or utility supplier to find out if they are offering any relief options during the crisis. You may be able to defer payments until the next month.

 

  • Streamline your spending

As circumstances are constantly changing, it’s important to stay focused. Review your spending plan and cut back on expenses that you can live without, such as apps and streaming services. Determine how much you absolutely need to live on, and work with lenders and creditors to explore your options.

 

  • Create an emergency credit

If you had already built up an emergency credit, you may have already dipped into it during the crisis. Now is the time to build it back up gradually or to start one if you haven’t already. Having a financial cushion to fall back on in challenging times is a great way to alleviate financial stress.

 

  • Maintain your credit

In response to COVID-19, the government has temporarily adjusted their lending policies and these changes can impact your credit. It’s important to maintain and manage your credit – even throughout a pandemic. Whether you’re using your credit card more or looking for a loan to help bridge that financial gap, aim to only borrow what you can afford and always make payments on time to protect your credit.

 

Looking for more information regarding COVID-19? Visit our COVID-19 Resource Center. We hope this information will help guide you during these unprecedented times. The team at Hoffman Brown Company are here for you during this troubling time. Get in touch to learn more about how we can help.

COVID-19 Update:

The Coronavirus, officially COVID-19, has become a global health emergency. One of the measures Hoffman Brown Company has taken to keep our CLIENTS and Teammates safe was to design a complete virtual work environment. For the foreseeable future, our colleagues will be conducting business virtually to avoid any disruption in our ability to serve you. These measures are based on the CDC’s guidance and will evolve with the situation. Please know that we are fully functional, available and look forward to being of service.