With record numbers of Americans filing for unemployment and many facing income loss, the financial impacts of COVID-19 are far-reaching. Darlene Goins, a financial health leader for Wells Fargo, gave The Daily Buzz tips to help you manage your money in the short and long term.
Darlene says the first step is laying out your complete financial picture, including expenses and credit score, so you know exactly where you stand. Then figure out resources you can tap if you need to, such as savings, 401(k) and equity in your home.
And while many people fall back on credit during a crisis, there are many resources you can turn to during this difficult time. Darlene explains that a lot of cities and local non-profits are giving out emergency cash grants, that don’t need to be paid back, to families who are struggling. Some non-profits are also offering low or zero-cost loans to help fill in the gaps between paychecks or unemployment checks.
And the Wells Fargo Foundation is helping by teaming up with non-profit organizations to offer free, virtual financial coaching to help you uncover free government benefits, give you tips for negotiating with creditors and provide a financial plan for the future.
To learn more, go to wellsfargo.com/financial-education.