Five Tips for Managing Your Finances During Uncertain Times
March 31,2020
It can be easy to begin feeling a little jittery about finances and the economy during these unprecedented times. Here are five tips to help you manage your finances during the COVID-19 pandemic.
1. Keep Using Cards-
While it can be tempting to withdraw large sums of money, it is safer to keep your money in your credit union account. If your cash is lost or stolen, it is hard to get it back. However, major card companies have protections in place if your card gets lost or stolen. Plastic is better than cash. Remember, your money is safe and federally insured up to at least $250,000 per indivudual depositer by the National Credit Union Administration (NCUA).
2. Avoid Reactive Investment Changes-
Watching the evening news can be a bit stressful these days with significant ups and downs in the stock market as a result of the pandemic and dramatic shifts in business operations. Before making reactive investment changes, please contact your trusted advisor. TVFCU’s investment arm is Tennessee Valley Investment Advisors. Please visit tvfcu.com for more information.
3. Prioritize Your Finances-
During uncertain times, it is important to sit down to triage your finances. Remember, the difference between wants and needs. Those critical to everyday life are housing, food, utilities, transportation and insurance. So, look for ways to trim nonessential spending. Create a list of your nonessential spending (wants) and decide what to eliminate or reduce. And especially now, be careful of online shopping during moments of boredom. Ask yourself if you really need the particular item. Look online for free resources to help keep the kiddos entertained during this period of social distancing.
4. Use Gift Cards-
Remember back in the day when you found change in the couch or cash in the dryer? Get that same gratification by redeeming gift cards and credit card rewards. Some reports estimate that half of Americans have unused gift cards.
5. Be Aware of Fraud-
Unfortunately, there are still bad people out there trying to get a quick buck. Financial scams tend to increase during uncertain times. Oftentimes, scammers will set up websites to sell bogus products and will use fake emails, text and social media posts as a ruse to take your money and get your personal information. Don’t click on emails from unknown senders and be sure to verify the spelling of senders. Sometimes, scammers misspell a company’s name by one letter. Please remember that TVFCU will never ask for your account PIN, password or other personal information in an email or by phone.
If you are experiencing a financial hardship due to the pandemic, please call the tvfcuLIVE Line at (423) 634-3600, Monday through Saturday, 7 a.m. to 7 p.m. ET.
Be well and take care of one another!