If we each got a nickel for every time we saw or heard something that had to do with the coronavirus, well, we could buy a whole lot of toilet paper!

Joking aside, managing our financial well-being during this time is likely something that has been at the forefront of many of our lives. While the COVID-19 crisis has us paying extra close attention to our physical and mental health, it’s important to assess how we’re managing our spending, saving, and financial planning during this time as well.

It’s in challenging moments like this when we’re reminded to practice the financial well-being habits we often take for granted. These basics help to keep our stress levels down and our necessities met.

Whether your work and lifestyle have shifted to hunkering down at home, or you or your family are facing challenges on the employment front, here are practical tips and resources:

Financially friendly tips

  • Be aware of all of your automatic payments. Make a calendar of when these payments will pull from your account (students loans, car payment, Netflix, etc.). Even small debits can add up in uncertain times.
  • Focus on what you have. Rather than stocking up or succumbing to online retail therapy, take the extra time at home to declutter, and find things you might be willing to sell, donate, or revive for regular use.
  • Be thoughtful. Now is not the time to make hasty or fear-driven decisions when it comes to investments such as your 401(k) or stocks. If this isn’t your forte, take your time and talk with a financial advisor before making any investment changes.
  • Consider your situation. Take advantage of low interest rates if you are currently in the market for a home, car, or debt consolidation. Consult with a financial advisor if you’re not sure what options are right for you.
  • Reframe your habits. While it’s great to support local businesses with takeout or delivery options, remember to support your own financial well-being first. If you’ve had long-term habits of dining out, specialty coffees, or impulse buying, now may be the best time to reframe those habits and tuck the money you would normally spend into a savings account instead.

Beware of coronavirus scams

Unfortunately, numerous fraud schemes are circulating in the midst of this crisis. Scammers are working many angles to trick people into giving away financial and/or personal information. The bogus offers are related to stimulus checks, COVID-19 tests or treatments, working from home, debt-reduction, and more. Medicare beneficiaries are especially targeted. To learn ways to protect yourself, visit:

Additional resources