Right now, our health is top of mind. We are focused on following best practices like social distancing, hand hygiene and wearing masks to keep ourselves healthy. Yet, we may be missing another factor that can have an impact on our physical and mental health: our financial well-being.
Financial insecurity is a major source of stress, and stress impacts our health which can lead to our ability or inability to work which can lead to financial insecurity and you guessed it, more stress. Poor health can lead to medical expenses which can also cause us to be concerned about our financial future. So how can we decrease our financial stress and increase our personal health?
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Work on prioritizing your bills that keep a roof over your head, your lights on and food on the table. Talk with your local utility and communication providers to waive fees to keep your power on and your internet working.
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Save some of your economic impact payment if you received it. Even if you set aside $100 to $200 that can provide a cushion. Don’t hoard that cash either. Keep it in your credit union, it’s safest there.
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Protect your money. There are so many COVID-19 scams out there from fake charities, a “person in need” such as an ill grandchild, relative or friend, and offers of COVID-19 vaccine, cures, air filters, and testing that are scams. Another one to watch out for, work-from-home scams where someone contacts you and wants to you pay them in return for a “job.” Bad guys are using our extra level of desperation to cause us to make emotional decisions and become scam victims.
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Finally, reach out to experts. Whether it is your financial well-being, physical or mental health, it’s important that we talk with someone when we have concerns before they become larger problems and bigger stressors. Start a conversation with our credit union staff, schedule an appointment with your medical provider or talk with your counselor. This can help keep both your health and wealth in the best shape possible and give you a more positive outlook on your financial future.