Submitted by Councillor Arlene Bova | Written by Thomas Seneca
Due to these uncertain times, I asked Thomas Seneca to provide some financial tips to weather an economic storm. Mr. Seneca previously worked for the Nation as our Financial Education Advisor. Mr. Seneca was more than willing to share ways to prevent a financial crisis. Nya:wëh Thomas!
“Don’t wish things were easier, wish you were better. Don’t wish for less problems, wish for more skills.” – Jim Rohn.
The outbreak of COVID-19 has created a great deal of uncertainty, health wise and money wise. How we face this challenge will greatly impact both our physical health and our financial health.
I know the Seneca to warriors and survivors. When faced with a challenge do we wish for easier times and hope someone else will solve our problems? Not the Seneca I know. We fight, we survive, and ultimately, we prosper.
When the dust clears from the COVID-19 pandemic we will have adverted one of the most significant health crises of our lifetime. But the next crisis is just getting started, the economic impacts of shutting down businesses for the past month and most likely longer. Now is an essential time to make sure you can make it through this uncertain economic time with limited setbacks.
Here are a couple strategies to start right now:
- Hold onto cash
- Make use of benefits
- You are the best investment
Hold onto cash.
Having cash on hand makes it possible to weather a layoff or drop in income. There are a couple ways to begin to increase your cash:
- Reduce expenses. Put off the vacation, the new iPhone, or the home upgrade.
- Communicate with lenders. Many credit card companies and mortgage companies understand the impact that the pandemic has had on people’s finances. Reach out to them and discuss our options for delaying payments, reducing interest rates, or renegotiating the terms of the loan.
- Stimulus check. This week most families will begin receiving their stimulus check. This can add up to thousands of dollars. What is your plan for this money? Spend it? Your plan should be to hold on to it so you can provide for the necessities of life: food and shelter.
Make use of benefits.
Given the national impact of the pandemic many state and local governments are rolling out programs to help the effected. Take advantage of the programs to help get you through this time of uncertainty so you can emerge from this time stronger and healthier. Here are a couple of suggestions:
- Apply for unemployment. If you have lost your job or have had hours reduced utilize the state’s unemployment program which is paying an additional $600 a week for those that qualify. This program is designed specifically to help people get through the next few months so use it.
- Utilize food assistance programs. If you can hold on to some cash by using the food pantries, or other assistance program that leaves more cash to apply to other necessities. These programs are designed to help and there should be no judgement in using them to your advantage.
You are the best investment.
During this time of uncertainty, you should look for ways to increase your value. If you are currently unemployed talk to your supervisor, boss, or owner and ask them what you can do to be more helpful. If you are not currently employed take the time to improve your skills either through reading, online learning, or college classes.
Anyone can make good financial decisions when times are easy. It is the true character of an individual that can make good decisions when all others are paralyzed by panic and fear. The Seneca are warriors and survivors. It is now this generation’s time to show what we are made of.
If you have any questions or are feeling uncertain, please reach out. Please call 716-945- 8153 for any non-medical questions 24/7. Nya:wëh, stay safe!
