2020 Finances with First State Bank of Forrest-Mahomet
BY NICK SCHNEIDER
First State Bank of Forrest-Mahomet Branch Manager/Loan Officer
Confusing times are all around us right now. From shutting schools to limiting restaurants to carry out/delivery only to Governor Pritzker shutting down “nonessential businesses” on Friday, March 20th, these are all times that none of us have been through before.
It is always better to be proactive rather than reactive in life when possible. Your finances are no different. Here are a few tips for you:
Examine your 2020 budget
Hopefully you did one. If not, do one. Take a look at your expenses with what your income is now. Is there an unnecessary expense on there? Can something be reduced for now? Take a hard look at your needs and wants and place the needs first.
Check your 2020 calendar
Did you have a trip planned for the summer? Reserved a hotel room? Check now to see if there is a cancellation fee or deadline. Hopefully, things will return to normal sooner rather than later but take a look at it so you know what you are dealing with. If you’re dealing with a deadline, maybe cancel now and rebook later. This might also help deal with budget strains and lessen your upcoming payments. Maybe there is less expensive option than what was planned as well.
Take Advantage of programs if needed and available
Be proactive here-are you short for your electric payment this month? Call your electric provider before being late. Need help to make your car payment? Call your lender before it goes late to make arrangements and adjustments and avoid late fees and credit dings.
Also-the state and federal governments are working on relief programs. A good way to stay in touch with what is going on is the state’s dedicated website with this being the financial part:
That site will have the most up to date approved programs. There are many thoughts out there, some will happen, some will not. Websites like this will have accurate information on what has been approved.
Stay alert
Crisis bring out the good in so many people. We rally for our friends, neighbors, and strangers in times of need. Be alert though for those that seek to take advantage of your good nature and kind heart. Make sure you are giving your information to trusty worthy sources and charities. For example, if someone from the bank calls and you are unsure of who is calling you, call your local branch to confirm that it is a legitimate call. The same goes with insurance and other sources. Ask for the callers’ number and do a google search. There are resources out there that also state whether it is from a number that others have had issues with.
Look for ways to help yourself
If you are able, check your mortgage rate, check your car loan rate. You may able to refinance and save some money that way. Rates have dipped somewhat on all but are very volatile. Be ready to take advantage of a lower rate if you can.
Best of all stay calm, we are being encouraged to stay home but also be there via other means to be there for each other. Banks and credit unions are regarded as essential parts of life and remain open though many are drive-thru only for right now to limit contact. FDIC insurance is still in full force, your debit card is functioning and online services are available. Your money is safe in the bank and it is protected. We see great positivity though thru this as well with people helping each other. Whether it be teachers’ driving through neighborhoods honking and waving or just simple acts of kindness, we get a smile when we try and make positive things in this situation. Stay together and we can come out of this OK.
