If people are feeling overwhelmed by the impact of COVID-19 on their finances, what steps would you recommend?
Prioritize Your Expenses
Use a worksheet to make a list and identify essential expenses; shelter first followed by food. Look for non-essentials that can be delayed or eliminated. Contact your municipality about food and utility assistance plus other services.
Talk to your creditors about hardship options
Call before your payment is due and be ready to discuss what you can afford.
Draw on assets (with a plan)
You may need to utilize savings or take on short term debt. Draw upon cash savings first and non-retirement accounts. Use assets as a “loan.” Repay yourself as income is resumed.
Contact GreenPath
GreenPath is available to offer free financial counseling by phone, to discuss debt management options and more. For additional information on what you can do, visit www.Greenpath.com/coronavirus.
