All of us have had to adjust to living in a very different world. We’re faced with the realization that COVID will affect our lives for the foreseeable future. Plans for personal finances, small businesses and even attending college have all been altered. Despite these unexpected life changes, there is a light at the end of the tunnel. Wells Fargo is here to help you rebuild a stronger financial foundation, even in the midst of the unexpected.
How can I rebuild and grow my personal finances during challenging times?
Making any kind of savings or credit goals can feel overwhelming, but there are simple money management solutions that can assist in making your goals a reality. First, it’s a good idea to conduct a financial health check-up to know where you currently stand. You can do this by reviewing your credit report to be on the lookout for any discrepancies, calculating your debt to income ratio, and assessing your emergency savings. It’s also important to determine if you need to obtain health insurance or plan for retirement. Depending on the results of your financial health check-up, you may need to consider more proactive strategies to help you gain financial stability. We suggest starting by writing down your goals and creating an action plan. Starting small and building over time will make each goal more achievable.
How can students financially prepare for 2021?
Students heading to college may be rebuilding their education funds to prepare for next year’s expenses. As a first step, we suggest adjusting your FAFSA to reflect any financial changes over the past months, which will be helpful if you need to appeal your school’s financial aid offer. The majority of campuses have moved to distance learning, which can be a helpful benefit when you’re trying to plan your next semester costs. If you’re still falling short, you can apply for emergency grants, such as the Higher Education Emergency Relief Fund. Your school’s financial aid office can also connect you to many emerging micro-scholarships. If financial gaps remain, consider transferring to a lower-cost institution to make the most of your education funds.
What can my business do to stay on track in the new year?
The holidays and new year will look very different from last year. It’s important to plan ahead with realistic sales projections that reflect how the weather, COVID spikes, and other variables will affect your business. Ensuring your production processes and social-distancing guidelines are streamlined can set your business up for success. It’s helpful to have relationships with professional organizations, mentors, and even customers who can help you keep up with trends. These relationships go a long way when negotiating with vendors for discounts and learning how to best meet your consumers’ needs.
As you rebuild today for an uncertain future, Wells Fargo is here to help you every step of the way. To learn more, visit wellsfargo.com/heretohelp.