7 Tips To Protect Your Financial Health During The COVID-19 Crisis

COVID-19 has created sudden, new challenges for all of us—especially those of us within the black community. But here are 7 things we can all do to take care of our financial health in these uncertain times:

 1. Reach out if you are struggling financially. If COVID-19 creates financial hardship for you, check with your bank, credit card companies, and car or home loans and let them know about your situation. Chase, for example, can waive or refund fees and can allow you to delay payments. But banks often don’t know your situation if you don’t tell them.

 2. Rebuild when you can. If you are using savings to help you, remember to rebuild when you can. If you use Autosave, you can always pause right away and when you’re ready.

3. Record expenses and adjust your budget. With many variables like unexpected expenses, record purchases so you can track what’s going on. Budget Builder is a free resource that can help and is available to anyone.

4. Use technology to help you. Financial technology can help you manage your bills and how you get paid. Automate all you can, and set up transaction alerts or deposits and withdrawals. If you use the Chase Mobile app, we have videos that can help you set these up.

5. Think about the future. If you are investing in a 401k plan, do what you can to stay the course. Remember that retirement is a long-term strategy and those savings will be there for you in the future.

6. Monitor and protect your credit. Certain actions can impact your credit up or down more than others, and information is key to help you. Sign up to Credit Journey for free. This is important if you are considering a loan or a credit card in the near term or if you are considering lower interest rates available for refinancing debt and home loans.

7. Stay alert to scams and misinformation that can impact your finances. To protect yourself, please know that Chase won’t ever ask for confidential information—such as your name, password, PIN or other account information—if we reach out to you. See the Federal Trade Commission’s advice.