How to Stay Financially Healthy During COVID-19

With the current COVID-19 continuing to wreak havoc worldwide, it’s extremely important to take action to ensure the health of you and your loved ones. However, in these times of economic volatility, it is equally important to take action to ensure your financial health as well.  Here are a few tips on how to guard your financial health during COVID-19, provided by the professionals at Community Tax:  
  • Stay on top of your expenses.

If you are eligible for a COVID-19 stimulus payment, it can be tempting to spend the money on a personal expense. However, using your check to help pay recurring bills can help you avoid falling into debt and owing interest. If you absolutely cannot pay your bills, do not hesitate to contact your financial lenders and creditors. Financial regulators have encouraged lenders to work with their customers for the duration of the pandemic.  
  • Cut recurring bills.

In the era of online services, you may have more recurring payments than you realize. If you find yourself in dire financial straits, don’t hesitate to cut the cord from streaming platforms and other monthly services. Oftentimes, there are free alternatives to these services.  
  • Keep your money in the bank.

The failure of banks during the Great Depression sowed decades of distrust for banks. However, as a result of the Depression, most banks are now protected by federal regulations. Today, banks are the safest place to keep your money. If your deposited money is taken illegally or your bank shuts down, you will still be able to get your cash. If you are experiencing financial hardship, don’t withdraw more money than you need. It is safest in the bank.  
  • File your tax return.

Each tax season brings the opportunity for a refund. Tax refunds can place timely and needed funds into your account. If you need help filing your return or are behind on your returns, don’t hesitate to call the experts at Community Tax at (844) 329-2074.