Posted October 15 2025

Many may wonder how their finances will be affected during this time of uncertainty. The bills still need to be paid, groceries still need to be purchased, and the lights must remain on. It is estimated that many people will have less in their paychecks, and unfortunately, some may not have any income coming in. What can be done? Here are a few do’s and don’ts to help navigate these trying times.

1. Do contact your lenders and loan servicers and tell them your situation. They want to hear from you and may be amenable to offering to delay or defer payments. They may also consider reducing interest rates or allowing you to make interest-only payments. Be prepared to commit to how much you can afford to pay.  

2. Do a Budget Report – If you have not put your finances on paper, now is the time! Getting a snapshot of where your money is currently allocated is crucial. This will help identify ways to cut down on unnecessary expenditures. Truthfully, those monies in those unnecessary expenditures can now go toward other needed areas in your budget. There are many apps available to assist, or just use good old-fashioned pencil and paper.   

3. Do decide which areas can be cut from your budget immediately, and do it! Hard times call for hard measures. It is better to cut where you can now before your financial situation becomes too unmanageable.

4. Do begin to pay off any debt. Whether you start with paying down those credit cards with the highest interest rate first or paying those smaller debts first, just get started!

5. Do investigate the cost of replacing benefits. If you have been laid off, health insurance now becomes an unexpected expense. While some employees are entitled to continue their workplace health plan through what is known as COBRA, they’ll be responsible for covering the entire cost of the premiums themselves. Consider other options, like moving to a spouse’s plan or buying one on the government health insurance marketplace.

6. Do take this time to get your credit report. You can get a free credit report once a year from all three credit reporting bureaus: Equifax, Experian, and TransUnion. Go to www.annualcreditreport.com. If there are any errors, this is a great time to file disputes and get them corrected. Beware: Many companies are offering free credit reports at a cost.

7. Don’t make too many online purchases. That bill has a way of creeping up in less than 30 days and could put you in worse shape than before.  

8. Don’t be fooled by potential scams targeting people for assistance with finances. Contact the Federal Trade Commission: https://www.consumer.ftc.gov/blog/2020/02/coronavirus-scammers-follow-headlines

9. Don’t sell your stocks too fast. Remember, the stock market is for increasing your financial picture in the long run. Seek investment advice before making any significant moves.  

10. Don’t assume things will return to normal. Unfortunately, many companies will be regrouping and reassessing how to reach a new normal. Be prepared to be flexible whenever possible.

While some government assistance is coming, other programs and services are being cut; it becomes imperative that we do all we can to put ourselves in the best possible shape. The best thing we can do is prepare for the worst and hope for the best! So, let’s get busy!