COVID-19 Financial Impacts
Due to circumstances related to COVID-19, many states across the country have extended their stay-at-home orders until the end of May—with some even considering extending the orders into the upcoming summer months. As these decisions are necessary to keep us healthy and safe, they have undeniably had a large impact on not only the U.S. economy, but economies around the globe.
During this time, many people have been experiencing unprecedented breaks from work, both voluntarily and involuntarily—with many uncertain as to when work will resume, if ever. As one would expect, this situation is delivering a major blow on many households’ income and overall financial health. Busey’s Wealth Management Team has put together a few thoughts for you to consider on how to best to manage this difficult situation:
- Understand your financial situation right now.
It is always important to understand what your financial picture looks like, and it becomes especially important during times like these. Make sure you understand your cash flow such as what income you can count on and the fixed expenses you have. Take a good look at your budget and see which expenses can be cut in order to save money.
- Understand your employer’s paid and unpaid leave benefits
Many companies offer various benefits for different situations, from sick leave to paid time off or leave based on other circumstances. It’s important to understand your employer’s plan in case you need to take time away from work. you’re taking full advantage of any benefits available to you.
- Consider ways to replace income
With more people filing for unemployment as this pandemic continues, it is good to start thinking of ways to replace potentially lost income. Start by looking at your emergency fund. Does it make sense to dip into your savings and if so, at what point? If there isn’t an emergency fund to start with, consider other ways to supplement income such as a part-time employment opportunity. Taking on debt could be an alternative to consider, if it makes sense for your situation and as a last resort. This is the type of decision that the financial professionals at Busey Wealth Management can help you manage.
As always, Busey’s experienced Wealth Management Team continues to actively monitor the effects of COVID-19 and the current and future financial impact it has on your goals. Please reach out to any member of Busey Wealth Management with any questions you may have.
Busey’s Financial Relief Program is designed to alleviate some of the hardships you may face as a result of the COVID-19 pandemic itself or the resulting economic impacts. View more information and details about the program’s plans to mitigate the short- and long-term implications for both individuals, families and businesses.