3 Financial Tips During COVID-19 Crisis
In just a few days, our whole world changed with the COVID-19 (coronavirus) crisis. Schools closed and organizations rapidly changed their business models to protect our community. As a result, some businesses and entrepreneurs are unable to continue offering services, which has impacted incomes. Luckily, Kansas Citians are rallying to help these businesses and those most impacted in our backyard. Understandably, people are growing concerned about their money. Here are a few things to consider during this time.
1. Keep using cards.
Although it’s tempting to withdraw larger sums of money than you normally would, just in case, it’s safer to keep your money with your financial institution. Major card companies have protections in place, should your money get lost or stolen. However, if you lose your cash, it’s lost. Most financial institutions are well-capitalized and, after a long run of economic strength, in a great position to weather storms like this.
2. Avoid reactive investment changes.
Many people are looking at the volatile market with concern. Yes, the market has seen dramatic ups and downs as a result of coronavirus fears and dramatic shifts to how business is being conducted. However, it’s best for you to contact a trusted advisor before making reactive changes.
3. Familiarize yourself with online banking and/or mobile app.
Many branch lobbies are closing and shifting to drive-thru, call center and mobile and online banking services to protect the community. If you haven’t already familiarized yourself with online and mobile banking, this is a great time to download that app and learn how to manage your money remotely. If you get stuck, don’t worry. You can always contact your banking partner for assistance. And, most are still offering access at drive-thru locations.
This is a scary time, but financial institutions are prepared for helping their members through challenging scenarios like this. We’ve weathered economic downturns, large strikes, natural disasters and many other emergencies together. Stay calm, don’t make drastic changes with your money, and we’ll get through this together, too.
Kat’s Money Corner is posted in the Kansas City Star every week. Kat Hnatyshyn, when not blogging or caring for her little ones, is a manager with CommunityAmerica Credit Union. For more financial chatter, follow us on Twitter @CommunityAmerCU.