INDIANAPOLIS — The COVID-19 pandemic has taken a financial toll on many families, including Hoosiers who may be living with less income than prior to the pandemic.
There are some steps you can take right now to help manage your finances and prepare for any future emergencies.
WRTV talked to Kenya Vanosten-Promin with Bank of America about how you better plan ahead for changes in your income and how your bank or financial institution can help.
She gave us these tips for Hoosier families:
- Track Your Spending Habits during Coronavirus since job loss or working from home may have altered your budget. Look at expenses coming out each month. Things like magazine subscriptions may not be a need right now so you can cut small areas of spending to help you get through tough times right now.
- Understand the importance and how to save automatically and create an Emergency Fund. If you don't already have an emergency fund started, now is a great time to start putting a little bit of money away each paycheck for a rainy day. Take a look at your spending habits on a weekly basis and how much money you would need to hold you over in the event of a job loss or another crisis. Stick to that savings plan.
- Your financial institution is there to help you manage your finances, even when you find yourself in difficult times. Talk to them directly if you had a job loss and are having trouble making your payments for your mortgage, auto loan etc.
- Take advantage of digital banking options and become comfortable using them so you can stay safe and stay home if needed while still staying on top of your personal finances.