Tips for Managing Your Personal Finances During COVID-19

Tips for Managing Your Personal Finances During COVID-19

Concerns over the economic impact of COVID-19 are continuing to grow. The good news is that those in positions of authority, influence or capability are doing what they can to help. During this challenging time, many financial institutions and service providers are offering options to their customers to help ease the financial burden being faced by so many.

Here are a few things you can do right now to navigate the financial impact of the coronavirus outbreak and make things easier for your family:

• Check with your mortgage lender to see if you are eligible to defer or reduce payments. Some lenders have been offering up to a three-month deferral of mortgage repayments. Clients can also request to defer payments on personal loans, credit cards, and small business and auto loans.
   
• Contact your landlord and see if they will work with you. Ask about setting up a payment plan or request a later payment date or a temporary rent reduction.

• Contact your auto loan provider and ask if they have options for flexible or deferred payments, or can forgive late fees.

• Call your bank and ask about blocking or putting a hold on automatic ACH debits. Consumers also can request refunds involving overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
   
• Contact your utilities and services providers – phone, internet, television, electricity, water, waste removal, etc. – and see if they are offering financial assistance or payment options.

Of course, with any revised arrangement, ensure that you completely understand the terms and conditions. Deferring your mortgage or loan payments means that your lender is adding those skipped payments onto the end of your loan.

Take these actions now, don’t wait until you start missing payments. With the quickly changing financial landscape, lenders are going to be very busy in the weeks and months ahead with requests for help.