COVID-19 wasn’t your fault. Remind yourself that you didn’t ask for it and that, for those of us who entered the pandemic without a strong financial foundation, COVID was a monumental setback. It’s not enough to know you’re not alone, however; what you really need is someone to help you financially recover post-COVID.
Here are a few tips to help you on the road to recovery.
- Manage what you have instead of stressing about what you don’t. Feeling the pain of loss is normal but dwelling on it can rob you of optimism. Move on and focus on what’s under your control.
- Make a budget. It can be as simple as writing down your monthly salary and subtracting your bills, or as elaborate as itemizing each bit of revenue and every expense. If you already have a budget, you’ll likely need to revise it. Whether you need to create one or revise an existing one, your Brightside FA can help with that.
- Create a debt reduction plan. More than just paying off your debt, take aim at paying off high-interest debt or the debt that’s easiest to get rid of quickly AND trim wasteful spending from your budget. If you’re not taking advantage of your premium services (cable, cell phone plan etc.), can you downgrade to basic services? Not using that gym membership? When you cut down on unnecessary spending, you can put your money to better use.
- Savings plan. As you continue on your path to financial recovery, don’t forget to strengthen your finances for the future. Start saving – whether it’s a dime or a dollar and build a solid financial foundation that’s harder to crack when a crisis comes around.
Remember, while we may all have been in the same storm regarding COVID, we probably weren’t in the same boat. So, talk to your Brightside Financial Assistant to get solutions to your unique circumstances.
Brightside Client Story
Katie came to Brightside to help rebuild her emergency fund after going into debt during Covid. She wanted help paying down $9,000 in credit card debt, increasing her credit score of 680, and saving for an emergency fund. Her ultimate goal was to be able to purchase her first home.
Covid reduced Katie’s income, so she had relied on credit cards for her bills and spent down her savings to just $2,000. She was now ready to pay down her debt aggressively and get back on track with saving again. She reached out to her Brightside Financial Assistant for guidance.
How Brightside Helped
- Katie and her FA utilized the snowball method for paying down her credit card debt, which will allow her to pay off her debt in a year and a half and save $1,200 in interest.
- Katie’s FA helped her open a Brightside savings account and set up a $150 bi-weekly paycheck contribution.
- They requested credit limit increases on her cards to reduce her utilization rate, which will help with her credit score.
Brightside clients see their credit scores increase
FOUR TIMES MORE
than their colleagues who don’t use Brightside.
Just call 855-940-1507 to get started.