Texas Tech University

7 Ways to Protect Yourself Financially During the COVID-19 Crisis

Ashley Brister

March 26, 2020

7 Ways to Protect Yourself Financially During the COVID-19 Crisis Texas Tech

Financial Tips From Texas Tech Experts

  1. Although hoarding shouldn't be your plan of action, consider buying essentials in bulk when your grocery budget allows. Sam's Club or Costco stores are great options for your bulk items. By reducing your number of trips to the grocery store, this strategy may help minimize your exposure to the virus — ultimately minimizing any unforeseen medical costs.
  2. If you are currently paying back student or mortgage loans, try giving your lender a call as they may be offering payment relief during this time. Be sure to confirm that these allowances will be reported to the credit bureau as pays as agreed. This simply means you have been repaying a debt according to the agreement between you and the lender or creditor.
  3. Have you recently been laid off? Here are several companies that are looking to hire employees immediately.
  4. The National Consumer Law Center is now offering their book, Surviving Debt, on their website for free. This book may be especially helpful for individuals and families in need during these trying financial times.
  5. For current Texas Tech students interested in talking to a peer financial coach about your financial situation or concerns, virtual sessions are now being offered. You can book your appointment here.
  6. If you have the ability to work more hours, save your extra earnings or pay off existing debt. Don't spend more just because you have more to spend.
  7. When this has passed and we begin to normalize our lives again, don't forget the chaos caused when people are not able to work. Everyone needs an emergency fund. The typical recommendation is to have three to six months of expenses in savings. Even a month or two of expenses would provide a good financial cushion.

-Chair for Personal Financial Planning, Vickie Hampton, Ph.D. and Director of Red to Black, Tiffany Murray