How Can We Manage Our Money Better Through a Crisis? | St. Johns Bank
We would all agree that we are traveling through uncharted waters. While we expected many things to happen in 2020, this pandemic certainly wasn’t one of them. As a result, many of us were probably not prepared for the social distancing and closing of many stores and businesses.
However, our team at St. Johns Bank wants you to know that you are not alone. We are here to help you through the financial stress you might be feeling right now so that you can come out of this both healthy and financially prepared.
Make a Plan
While you might not have had a plan for today, it doesn’t mean you cannot get a plan together in order to make it through the next few weeks and months.
First, you want to make sure you are doing what you can to control your spending now. Only you know your personal financial situation, but for many of us, this is a time to cut out spending on non-essential items, even though online shopping can be tempting.
In addition, if there are things you can cut back on, especially when it comes to your monthly bills, now is the time to do so—as every penny counts.
Second, you want to take the money you can put back at this time and save it in case you need it in a few months. As we are living week by week until as we work to flatten the curve, you want to make sure you are still able to cover your monthly bills, including your rent or mortgage, your utilities and your car payment.
In addition, you want to try to be mindful of your spending and borrowing of money at this time to ensure you are not running up any new debt. Even in the middle of a crisis, you want to do all you can to continue to pay down your current debts—not add new ones to the list.
Finally, you want to do what you can to protect what you have right now. As an emergency fund and insurance can be beneficial during these times, you want to make sure you treat them with kid gloves.
Please note that during this time, St. Johns Bank is operating through drive-up facilities only. The access to our lobby is by appointment only.