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5 Tips to Reduce Financial Stress during the Pandemic

5 Tips to Reduce Financial Stress during the Pandemic

04/29/2020

By: Chris McGorrill

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Southern Maine has experienced quite the disruption in the past several weeks. Be it work from home, remote learning for kids, or being furloughed, just about every aspect of life has been affected by this health crisis. Sudden changes like this can take a toll on a household and your finances. While it may cause short term anxiety to review your finances, it is worth the effort to reduce future long term stress.

Here are five simple steps you can take to help you feel confident about your finances.  

Adjust Your Budget

Re-evaluate your wants and needs. Now is the time to focus on essentials. Look at your budget and see what items can wait for a few months or postpone to 2021. 

If you don’t have a budget, now is a great time to start. Take a look at these four easy steps to create your budget

Review Your Mortgage 

Talk to Atlantic about refinancing. Refinancing your home at a lower interest rate or for a longer repayment term can cut your payments to shift funds to cover living expenses, save, or pay down debt.

Consider a Home Equity Line of Credit 

If you lack emergency savings, again, consider talking with a lending specialist at Atlantic. Being approved for a home equity line of credit (HELOC) provides a resource to tap immediately, in case of an emergency. 

Don’t Keep Looking at Your 401K Statements

Yes, the market has been rocked over the past two months. Resist the urge to look at your statements. Do look at the diversity of your portfolio. If you are not sure of what to look at, then reach out to a Financial Professional at Atlantic Financial Services.

Ask for Kasasa

Atlantic Kasasa is a free checking account that pays you for things you probably already do! Receive eStatements, have at least 12 debit card purchases post and settle and have at least one Direct Deposit, ACH Credit, or ACH payment transaction in your Kasasa Account. Kasasa can help a budget. Your choice, Cash Back or high rates on your deposit. 

If you haven’t asked for Kasasa, now is a good time.

Economic uncertainty makes everyone feel vulnerable. There may be difficult decisions about how to protect your household’s financial future. If you have concerns or have a need, then please talk with us.

Atlantic is committed to helping our members stay financially safe and healthy.

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