Share:

During these uncertain times, with your job and other plans on hold, you might be unsure about how to manage your savings account and prepare for your financial future. The following guide to making smart financial decisions will ensure you come out of this situation with a sense of security. 

Do:

Capitalize on low-interest rates.

As a result of the coronavirus, borrowing costs are lower than they have been in years. If you discover your current rate is significantly higher than the national average, consider refinancing your mortgage for a better deal.

For those interested in refinancing, pay attention to annual percentage rates, which will give you the true cost of borrowing, fees included. If you’ve been putting off other investments, now might be the time; home equity loans and auto leans will likely be cheaper now than before.

Consider which subscriptions you really need.

savings accountGo through your list of subscription services and think about the ones that you can cut out to save money. Although you might have more time to stream music and videos, you probably don’t need more than one service. Canceling the subscriptions you don’t use can save you money that adds up over the year.

Prioritize more practical subscriptions like grocery or meal delivery services that’ll keep you stocked up now and into the future.

Don’t:

Panic shop.

It’s hard to resist panic buying when you see everyone else doing it. However, while it’s good to be prepared, this swift increase in shopping reduces supplies, creating a higher demand and leading to price inflation. You’ll end up spending more than necessary on groceries.

The Department of Homeland Security recommends having a two-week supply of food, so do your best to maintain that and you’ll avoid overspending and contributing to inflation.

Sell your stocks.

Don’t panic-sell your investments. Although the stock market has dropped, keep in mind that stocks generally decline every few years but always recover.

Don’t forget to buy low and sell high. Your stocks may look low right now, but it’s better to wait if you can afford to.

If necessary, avoid looking at your brokerage and investment accounts during this turbulent time; return to them when you feel you can make smart, clear-headed decisions. 

 

Protect your savings account with the help of Mohave Community Federal Credit Union in Kingman, AZ. They’ve got all of your financial needs covered with both checking and savings accounts, retirement accounts, online banking services, and overdraft protection. If you’re planning on investing in a home or car, their personal bankers can advise you on loans and mortgage options. Whether you’re looking for an affordable loan or a personalized baking experience, call (928) 753-8000. Read about their services online.

tracking