How to protect yourself financially during the COVID-19 pandemic

How to protect yourself financially during the COVID-19 pandemic

RICHMOND, Va. (WWBT) - The financial impact of this pandemic is going to be different depending on your financial situation. But there are a few very basic steps everyone can take to protect themselves.

First, make a list of all your liquid assets - the places you can get cash fast. That’s your checking and savings account. Also, know your long-term assets such as a 401K or individual retirement account. Know your monthly expenses and prioritize them: Which ones are most important?

Cherry Dale with the Virginia Credit Union says now is a great time to pull your credit report.

“It will show you exactly what you owe, to home and it’s got the phone numbers you can contact as well,” said Dale.

And that’s the fourth step, once you have your income, bills and assets listed and prioritized, contact each of your lenders directly if you can’t pay those bills. Be wary of fraud too.

Finally, craft a plan. Meet with a financial counselor or financial planner, especially if you are worried about your 401K.

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