If you’re one of the millions whose pay has been affected by the coronavirus pandemic, here’s what you need to know to protect your financial health.

Even if the coronavirus hasn’t affected your health, it may have had (or soon will have) a major impact on your finances. Hours and jobs have been cut for employees as well as contract and gig workers. Retirement accounts have lost value. While it may be tempting to ignore financial challenges, it’s better to face them and make a plan. Here are some steps to take to protect your financial health.

• If eligible, apply for unemployment. You can file online.
• Contact your creditors and utilities right away. Don’t wait until you miss a payment to let lenders and creditors know that you can’t make payments. Work out a plan as soon as you know your finances are in trouble. Contact each lender and tell them what has happened. Ask for time and clemency. Will they reduce the minimum payment? Will they waive late fees? Can they reduce the interest rate? If you have a mortgage, ask for a deferral plan

If your credit card, mortgage, auto or other loan is with Consumers, contact us directly, and we will help you navigate your finances in these difficult times. If you’re a business member, reach out to one of our commercial loan officers.

• Take advantage of Skip a Pay programs. This allows you to skip a payment and extend your loan period by one month. At Consumers, Skip a Pay can be used on most vehicle loans, recreational loans, credit cards, unsecured personal loans and repayment accounts. Click here to learn how to activate Skip a Pay.
• Stay healthy by keeping your family and yourself nourished. Find local pantries, soup kitchens and food banks
• Shop around for prescription medications to get the lowest cost. The online service, GoodRx, compares prices at pharmacies near you.
• Cut expenses. If you have a written budget in place, review it line by line and see where you can trim. If you don’t have a written budget, go through your last three months of bills. See where your money goes and where you can cut back. Here are more ways you can cut costs immediately.
• Take care of your mental health. Losing income is stressful to everyone. Remember, you are an important human being no matter what your employment status is. Reach out to friends and family to maintain your wellbeing. You can also try these 9 practices for maintaining mental health.

If the situation is potentially life threatening, get immediate emergency assistance by calling 911. If you need immediate mental health services, contact the National Suicide Prevention Lifeline at 800-273-TALK (8255), or the SAMHSA Treatment Referral Helpline , 877-726-4727.

It’s tough times, for sure. Be kind to yourself.

Consumers provides banking services for more than 100,000 members. If you have banking questions, call us at 800-991-2221. We make it easy to bank how you want, when you want. During the coronavirus confinement, we’re available online, by phone and by appointment at select offices equipped to maximize safety.

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