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April 7, 2020

Financial Considerations During COVID-19

Learn how to plan for and manage finances through uncertain times.

At Citizens First Bank, we’re by your side through the current coronavirus pandemic. It’s difficult to estimate how much the virus will impact the economy moving forward, but there are things you can do to be prepared. Follow the recommendations below to help you keep your financial life on track through the weeks ahead.

Use contactless payments.

Many retailers offer payment through digital wallets from your mobile device or a contactless credit card. Using contactless methods of payment—or ordering and paying online—you reduce the risk of exposure through touching a checkout terminal.

Use digital services.

Now is the perfect time to start using online and mobile banking services. Citizens First Bank allows you to manage your accounts, make payments, transfer money and more from the comfort of your own home. Using these services can help you minimize your exposure to others.

Remember your investment strategy.

It isn’t uncommon for the market to be volatile during times of uncertainty. Keep a long-term focus on your finances. Rather than reacting to fluctuations, focus on your personal financial goals. If you’re worried, speak with your financial advisor to make decisions that fit your goals.

Think about your emergency cash reserves.

A prolonged disruption of typical daily life can strain your finances, especially if your income has been impacted. During times like these, it’s important to have emergency cash in a savings account or other reserve account. If you don’t have money set aside already, keep in mind that it’s never too late to start. If you’re able to put back a little bit of money each month, you’ll be much more prepared for future periods of unpredictability.

Make a plan.

Preparation allows for you to maintain normalcy in your daily life and take care of your priorities. In trying circumstances, having a plan in place can be reassuring. Speaking with your banking advisor can help you feel more confident. If you’d like more resources to help you plan for emergencies of any types, contact your local branch.

All of us at Citizens First Bank are remaining vigilant in monitoring the current situation and will do what we can to keep our communities, customers, and employees healthy and safe.