Three Ways to Rebuild Your Finances After COVID

September 30, 2021

While the pandemic continues, many people are back to work. But they may still be recovering financially, having used up savings to pay bills or stopped making payments on credit cards and other debt. Here are three ways to rebuild your finances after COVID.
1. Restart paying bills on time 
If you have deferred payments or overdue bills or loans, getting those accounts up-to-date is your first step in financial recovery. If you still need assistance, contact your creditors and negotiate a repayment plan you can manage. Your financial institution may offer the ability for you to set up automatic payments which will make paying your bills easier and you can avoid late fees. 
2. Restore your emergency fund
Financial issues may have caused you to use your emergency fund, and that’s good; that’s what it is there for. But now, if you’re able, start rebuilding this fund, or start one.
Experts recommended saving between three to six months’ worth of living expenses in your emergency fund, but setting smaller goals at first will help you get started without getting discouraged. Begin with saving $50 or $100 a month, and increase it as you are able. MSUFCU offers its Savings BuilderSM account which pays more on initial deposits to help you save faster.
3. Repair your credit 
If you have not checked your credit report for a while, do so today. Visit to get a free credit report from one of the three major credit reporting bureaus – Equifax, Experian, and TransUnion – every four months. You should also check your credit score, which you may be able to obtain from your financial institution. If you need to improve your credit score, begin by paying all your bills on time and reducing your debts. 
After a challenging year and a half, you may need to take a look at your budget and make adjustments. This may include increasing the amount you put toward debt payments each month, or reducing your transportation costs since you are working at home. 
Despite the ups and downs in your finances, you can begin to get back to normal once your income is stable. Taking these steps can help you return to achieving your financial goals. 

Tags: Money Management, Tips and Tricks, Savings