3 Tips to Keep Your Finances TexasStrong
As the Covid-19 pandemic persists, so do worries about the economy and personal finances. During this uncertainty TexasBank wants to bring security and comfort to our customers. Whether you?re facing wage loss or grappling with economic uncertainties, here are three steps you can take to keep your finances Texas Strong.
#1: Let reason, not fear, dictate financial decision-making
Empty store shelves and masked faces everywhere can be unsettling. This new reality may even signal a type of over-buying that is rooted in fear. This can take form in stockpiling, excessive online shopping, or even frequent delivery charges that can add up.
Not only does panic-buying harm others by creating artificial shortages, it can also be harmful to your finances. Once you have enough pantry staples and other essentials to get you through a possible quarantine, think twice before allocating additional funds for disaster items, since that money could be used to build savings or pay down debt instead.
Being stuck at home can make online shopping far too tempting. After all, it’s like Christmas at your doorstep everyday! However, it is important to double check how necessary these purchases really are and where your money might be put to better use.
Lastly, it is important to remember we can only support local businesses and restaurants long term if we have the expendable income to do so. So, before you order out for the 10th time this week, make sure none of the essentials are getting shorted.
#2: Take your family’s financial temperature
Sometimes it takes an emergency like a pandemic to get one’s financial priorities in order. Even if you’re facing a job loss or reduction in wages, it’s not too late to take stock of your finances and make an emergency financial plan.
Start by reviewing your family budget and financial reserves. Assuming you have a source of income, consider setting aside a portion of each paycheck to build your emergency reserves or using part of your tax refund or economic impact payment to jump-start your savings. Financial professionals generally recommend having 3 to 6 months’ worth of living expenses on hand for emergencies.
If you’ve lost a job or seen a loss in wages, get in contact with your creditors and lenders and let them know of your situation. They may be willing to help you defer payments or reduce your payments due to financial hardships.
#3: Watch out for scams
Unfortunately, scammers are capitalizing on this global health crisis to take hard-earned money out of the hands of people who need it most.
- Beware of fraudulent websites, phone calls, emails, and text messages.
- Don’t respond to texts and emails about checks from the government. Someone claiming that they can get you the money now is likely a scammer.
- Hang up on robocalls. Scammers use these illegal robocalls to peddle everything from low-priced health insurance to work-from-home schemes.
- Remember, TexasBank or other legit financial institutions will not ask clients for their personal information or log-in credentials in an email or text message.