5 tips for financial stability during uncertain times

As the coronavirus pandemic continues to create uncertainty on many fronts, including financial instability in the economy, there are things you can do to put yourself in a better financial situation. Here are five tips to help your financial stability – for now, and the long term.

Learn about what your creditors and lenders are offering

Don’t be afraid to call your bank and lenders to learn about what kind of relief they’re offering. Some lenders are offering to allow you to skip payments or defer payments for a period of time.

Prioritize your spending

Once you’ve determined how your banks and lenders are handling payments, you can prioritize your spending. Make a list of all non-essential expenses, including recurring subscriptions and memberships. Rank them in order of importance, then cut out the items ranked near the bottom of your list for a few weeks or months. 

Stick to your budget

If you’ve lost some or all of your income as a result of the pandemic, your budget may look different than it has in the past. Make sure you stick to it. Now is not the time to make a large purchase that isn’t essential. During this time of uncertainty, it is difficult to know what could happen in the coming weeks, so keep your spending on non-essential items to a minimum.

Increase the size of your emergency savings if you’re able to

If you get sick and miss work, or lose your job because of the coronavirus, you’ll need money to fall back on. It is recommended to have enough in savings to cover 3-6 months’ worth of expenses. If you find you have more than that amount in your savings, consider putting some of your savings into a CD, which will get you a better rate than your traditional savings account but with less risk than investing in the market.

Learn more about why emergency savings is important and how to save for a rainy day

Spend your stimulus wisely

In the coming weeks, Americans will begin receiving government stimulus checks. Make sure you have a plan for how to best use these funds. If you’re having a hard time making ends meet, make sure you use those funds to pay for essentials and any outstanding loan payments to avoid late fees. If you don’t need those funds to pay for your expenses, put the money into savings in case you lose some or all of your income in the coming months as a result of COVID-19.

If you’re expecting to receive a paper check in the mail (which will happen if the IRS doesn’t have your direct deposit information on file), make sure to follow these guidelines to ensure a smooth deposit of your stimulus check into your Advantis account.

• Download our mobile app so you can deposit it without going to an ATM or branch. Checks deposited by 2 pm on business days (M-F) are processed same day. Checks deposited after 2 pm are processed the following business day.
• Government checks require signatures of all payees, and are returned when not endorsed properly. To avoid delays in crediting your funds, make sure all parties listed on the front of the check sign the back of the check prior to depositing.
• Write “For Advantis CU Mobile Deposit” on the check under your signature.
• To deposit the check into an Advantis account, the name(s) on the account must match the name(s) on the check. If they do not, call us for more options.