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5 keys to keep your finances safe from COVID-19

By April 9, 2020Banking
5 keys to keep your finances safe from COVID-19

Alfredo Montilla

These are times for taking care of ourselves and for redefining the special care given to our loved ones. People around the world are working from home as much as possible. Others are not currently working as COVID-19 intensifies its spread, affecting the public health and global economy. It is time to reorganize financial priorities and prepare ourselves for increasing social distancing measures and other consequences of the virus.

  1. Make a budget: This is a special moment that demands an accurate prognosis of our resources. We could start asking, “How much money do I have and how much could I spent to satisfy my family needs?”.
  2. Minimize your bills and monthly spending: Eliminate unnecessary spending as much as possible. Organize your bills by priority. There are a lot of helpful free mobile apps and websites that will help you organize your spending and create and track budget such as Mint. Check what budgeting services your bank has available.
  3. Develop an emergency plan: Preparing for any financial difficulties and emergencies can help maintain peace of mind, even if we don’t end up needing to rely on them.
  4.  Follow health guidelines: It is essential to keep yourself and the people around you safe following the advice of health experts during the COVID-19 outbreak, like the Centers for Disease Control and Prevention (CDC). Their guidelines are posted in the website www.cdc.gov. Among them, are: Maintain space at least 6 feet apart, wash hands often, cover a cough or sneeze and stay at home when feeling sick.
  5. Contact your bank or lenders: The Consumer Financial Protection Bureau (CFPB) states: ¨if you are not able to pay your bills on time, contact your lenders and services to let them know about your situation¨. Credit card companies and lenders could offer diverse options in order to waive fees like ATM, overpayments, and late fees, or allowing customers to delay, adjust or skip some payments.

To help those borrowers affected by the COVID-19, Liberty Bank Inc is allowing up to 6 months deferral. This includes customers whose income has been impacted by business closures and other efforts to contain this virus.

Reviewing our alternatives and resources are essential to move forward for the excellent health of our community. The world has changed with COVID-19, but our commitment is to help you get this through and let you know that together we can succeed in this time to come. Our best wishes are for the health of you and your families.

 

Alfredo Montilla

Author Alfredo Montilla

More posts by Alfredo Montilla

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