If you’ve been financially impacted by COVID-19, we have resources available to help you get through these times. But it’s also important to remember that eventually, this situation will end.
We know it may be hard to imagine life going back to anything even resembling normal, but we are here to assure you that when the coronavirus situation ends, LBCU will still be here for you. Here are three ways to start to prepare for the end of COVID-19 and set yourself up for a stronger financial future.
1. Reevaluate your spending habits
Are you budgeting efficiently and saving effectively? Did the COVID-19 crisis reveal areas in your financial life where you can make improvements? It takes time and effort to set up a budget, but we promise it’s worth it.
Having a budget will allow you to identify areas of overspending, creating a spending plan for your month, week, or even day-to-day lifestyle, and focus your money on the most important areas in your life, whether that’s getting out of debt or saving up for an important milestone. Check out our tips for getting started with a budget.
2. Pay down debt and invest in your future
It’s tempting to think of saving or investing as something you do after all your debt is gone. After all, paying down debt can be an intimidating venture. But if you stay focused, positive, and disciplined, you can take control of your cash flow and improve your financial picture faster than you might expect.
Besides these three tips for reducing credit card debt, consider if you’re able to invest and save while you pay down your debt. If you’re able, work on digging yourself out of debt and building up strong savings at the same time. It’s important to think about your future, including saving for retirement (or any major milestones you’re hoping to achieve, such as buying a house or having children!). If you’re using your free time to explore investing, we have some investment advice for you as well.
3. Improve your financial literacy
No matter how well-versed you are in personal finance, there’s always more to learn in this fast-paced world. Did you know that Liberty Bay has an online learning portal to help you stay on top of important financial topics? If you’re looking for a good way to improve yourself while social distancing, making moves to learn more and take control of your financial future is an excellent use of your time.
Our FA$Ttrack online tool is available in both English and Spanish on desktops, tablets, and smartphones. The portal site is also free to use for the entire community – just create a unique username and password and select a playlist to get started and save your progress along the way.
As we all work together to get through this pandemic, let’s focus on ways to come out the other side as stronger individuals and a stronger community. Here at LBCU, we are committed to your financial wellbeing. Make sure to contact us with any questions, and to use all the services we have available to help you through COVID-19.
