She Strengthens

Taking Control of Your Finances in Uncertain Times

The current pandemic has brought unprecedented challenges to our lives, and thinking about money might be the last thing on your mind. However, facing your financial situation head-on can be the best decision you can make for your long-term wellbeing.

A Personalized Approach to Finances

At M&T Bank, they understand that every individual’s situation is unique and that a one-size-fits-all approach to finances doesn’t work. They take the time to understand what’s important to their customers and provide personalized solutions to meet their specific needs.

Rethinking Your Budget

If you’re struggling to stick to your budget, it’s essential to reassess your priorities. Forgive yourself for not preparing as well as you “should” have, and take proactive steps to get back on track. Ask yourself:

• What is the bare minimum I need to get by each month?
• Do I have enough in the bank to cover my expenses for a few months of income loss?
• Are there non-essential recurring items on my credit or debit card that I could cancel right now?
• Are there some purchases I could simply postpone without having to do away with them forever?
• Do I know how to cook myself at least a few different meals that I genuinely look forward to eating, and is my pantry stocked with basic essentials?
• Am I paying higher premiums than I need to be?
• Are there any resources I could tap into that I haven’t considered yet?
• Are there additional emergency plans I could utilize if all else fails?

Practical Tips for Managing Your Finances

In partnership with M&T Bank, here are some practical tips to help you manage your finances:

• Leverage an online budget tool, such as Money Smart, to identify where your spend is going and create a plan around the categories most important to you.
• Pay yourself first – always set aside what you can for emergency savings and retirement out of your paycheck on a regular basis.
• Aim to have 3-6 months of living expenses in a liquid savings account.
• When using credit, always have a plan around how you will pay it back within the required timeframe.
• Conduct a financial review every year with your bank advisor to review credit payments, automatic payments, and opportunities for refinance.

By taking control of your finances and making informed decisions, you can navigate these uncertain times with confidence. Visit M&T Bank’s website to learn more about how they can help you reach your savings goals.