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Six Tips for Financial Wellness in the Coronavirus Era

With change and uncertainty around COVID-19, you may be feeling greater anxiety, worry and stress — especially around personal finances.

Some of us are facing the possibility of reduced income with hours cutback at work. Trying to find childcare or cover shifts for many are priorities, so you can stay home because your child’s school has closed. Many households are stocking up on food staples and supplies, creating a strain on budgets. And, there is turbulence in the stock market.

Mid Minnesota and Lutheran Social Services are committed to serving our communities and members in these uncertain times. Our expert staff are available to help you in multiple ways for your regular transactions, emerging needs and if you are facing financial difficulties.

During these uncertain circumstances it is a perfect time for you to take a good look at your personal finances and put plans in place for the weeks and months ahead. In times of uncertainty, there are important steps you can take to decrease financial stress.

 1. Review your budget.

  • If you are concerned about a decrease in income, review your budget and cut down on any expenses that you can.
  • Ask yourself: Are there items in your budget that could be cut temporarily?
  • Avoid overbuying or stockpiling too many supplies, such as toilet paper and sanitizer.
 2. Pay priority expenses.
  • Pay your housing expenses first. That includes rent/mortgage and utilities. If you’re concerned about the ability to make your mortgage payment, contact Mid Minnesota or LSS Financial Counseling, to go over your options.  

 3. Take care of your mental and physical health.
  • Food is a priority expense. Also, maintain your health care and insurance premiums.
  • Focus on what you can control, including basics such as exercise, good sleep and nutrition. 

 4. Have a plan for managing your debt.
  • Debts for credit cards, car loans and student loans have different priorities and options for helping you though times of uncertainty. Create a plan for addressing them.
  • Contact lenders on your car loan, credit cards or student loans, and let them know if you are having difficulty making payments. See if they have any hardship programs.
  • Contact Mid Minnesota, to talk with our trained financial staff or LSS Financial Counseling. They specialize in these areas and can help you determine action for helping to manage your debt — at no cost to you and from the comfort of your own home. 
 5. Stay up to date on changing situations and resources available to you.
  • Many states are looking at expanding unemployment benefits for those impacted by work stoppage, such as hourly employees at schools.
  • In Minnesota, if you are facing unemployment, you can file online at or call 651.296.3644 or toll free at 877.898.9090.
  • Nationwide, check out United Way by calling 211 or visit This referral center will help you find support in your community for food, energy assistance, health care and many other essential needs. 

 6. Don’t stop saving.
  • Seventy percent of Americans don’t have $1,000 saved. Make this a priority. This will decrease financial stress and uncertainty.
  • Stock market fluctuations are inevitable. Keep investing as you can.
  • If your employer has a retirement savings match, make sure you are doing at least the minimum to get the match.

Mid Minnesota Federal Credit Union and LSS Financial Counseling are committed to working together with you and our communities to come through these times of uncertainty and social distancing and find stability through the relationships we have now and for the future.

Mid Minnesota Federal Credit Union partners with LSS Financial Counseling to provide members with a trusted Financial Choice benefit. This benefit offers up to six free appointments each calendar year to you and your immediate family members.

For additional resources to help you face these times of financial uncertainty, or for information about scheduling an appointment, go to or call (800)528-2926 and mention you are an MMFCU member.


Information provided by LSS.