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Financial Focus

Five Financial Lessons From the Pandemic

How are you managing the realities of the continued COVID-19 crisis? To help gain perspective during difficult times, it can be helpful to step back, reflect, and take some time to make a plan for moving forward.

  1. Prioritize your bills. Getting the most important bills paid first is the most important thing in a time of crisis. Rent, groceries and utilities are your first priorities. If you have loans, such as a car payment, call and talk to your lender. You may be able to negotiate a different payment schedule. Know what has to be paid now and what bills can wait. 
  2. Build up an emergency fund, no matter how big or small. No matter how big or small, a “rainy day” fund is the best protection. It’s never too late to start saving. Every little bit counts. You’ll be surprised how quickly it’ll add up.
  3. Start a budget. Setting a household budget doesn’t have to be complicated. Many people find they reduce financial stress by creating and following a simple budget. 
  4. Plan for grocery expenses. There’s nothing like a crisis to help us stick to our grocery lists! Since the goal is to go grocery shopping no more than once every other week or so, make a shopping list and stick to it. 
  5. Make it a family affair. Financial struggles are difficult on families. Take advantage of the learning opportunity. Make it a time to bring the family closer by working together. 

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