As we reflect on the bewilderment, chaos, and uncertainty that was March 2020, let us remember that in this trying time, our best recourse outside of following CDC and state department of health guidelines is going above and beyond for one another. Yes, as the COVID-19 pandemic continues to dominate media across all platforms, as well as continues to drastically change the face of modern medicine, many are using their time at home make sense of the world around them. Specifically, the activities of the day have varied from monitoring CNN, eating, stressing, and obsessively checking both checking and savings accounts, credit scores, and 401k/Roth IRA accounts.
In examining the world and its shaky financial circumstance further, it is disheartening to see the effects of this pandemic. Widespread layoffs, exponential unemployment applications, and the rapid rise of food and housing insecurities have left even the savviest of economists concerned. Thus, if the world’s leading experts are being transparent about the dire economic straits we find ourselves in, imagine how everyday citizens feel? Moreover, when looking at the United States, imagine how working class and poverty-stricken individuals feel against the crashing tides? As a working class individual, I harbor fear; I also harbor resentment for the choices made by elected officials who swore oaths to protect and serve the public. And yet, in that resentment, I still find pockets to bestow gratitude. Today is the first day of National Financial Literacy Month and regardless of your sentiments surrounding financial literacy, and the privileges that extend to many, it is crucial to have ongoing conversations about finance and the multiple roles it will play in your lives during and long after the public health crisis. To jumpstart the conversation, take a look at March 25th’s Experian’s Twitter chat: Q1: How is everyone doing during this Coronavirus pandemic? WW: Mentally, I am anxious. Such uncertainty leaves me craving an answer that is not there. Additionally, as an educator who now relies on virtual learning, I am working overtime to ensure that the academic and personal needs of my students are met. #CreditChat Q2: What are your thoughts on panic buying? WW: This is a contentious topic, but needs to be addressed. The fears surrounding scarcity are real, however, this fear should not result in hoarding essential items. Specifically, hoarding common, everyday items to the point of wiping out shelves is irresponsible. #CreditChat Q3: What are some ways we can help those around us during this financially-straining time? WW: Ask close friends and family how you can be of assistance in providing the basics: food, clothing, and perhaps shelter, if your circumstances allow. The percentage of unemployed workers is high, as well as the percentage of strain. Do your part wherever you can. #CreditChat Q4: What are some ways to manage our budgets with many unexpected expenses? WW: For those still employed and receiving scheduled paychecks, budget the best way you know how. For those who cannot financially commit to budgeting, do not feel ashamed or pressured. The financial effects of this crisis are massive, so again do what you can! #CreditChat Q5: Many people will have larger credit card bills in 30 days. What tips do you have for repayment? WW: Call your credit card company and ask about flexible payments and if they can waive your interest and late fees. #CreditChat Q6: How can families still have fun without spending money while #SocialDistancing? WW: Cooking meals and having fun together is a start. Family game and puzzle nights are an option, too! Also, movie nights with bargain snacks will never fail. #CreditChat Q7: As the outbreak grows, more people are #WorkingFromHome. What are the challenges with #RemoteWorking? WW: For me, I find that I work longer hours when at home. Because commuting is no longer a factor, I start earlier and end later. Also, I have to force myself to work from my desk rather than my bed so as to maintain a routine and structure. #CreditChat Q8: What are some smart ways to cut back on expenses? WW: Truly eliminate the expenses that you don’t need (only you know what those are). Remember, cutting back on vices will not catapult you into a higher tax bracket, but the consistency and effort put towards saving incrementally will yield positive results. #CreditChat Q9: What are some ways to keep your #CreditReports and #CreditScores strong during the Coronavirus outbreak? WW: Check your score regularly and quickly speak up should anything should be out of order. Be sure to also contact your lender(s) if you need a little more time paying monthly bills. If you are fortunate enough to pay your monthly statement, pay on time. #CreditChat Q10: Any final tips on coping with the Coronavirus pandemic? WW: Be vigilant, but not to the point of obsession. Be intentional about where you are receiving your information, and who the messenger(s) is/are. Be open to introspection and use whatever downtime available to financially and personally plan for the months to come. #CreditChat
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WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
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