1. Focus on savings. Nearly 14% of Americans wiped out their emergency savings during the pandemic.¹  However, those who didn’t suffer job loss or other hardship were able to sock more money away by cutting down on spending.²  No matter what your situation, the pandemic has renewed our collective focus on savings and financial preparation. Take this opportunity to turn new habits into long term savings strategies. By cutting some non-essential expenses and increasing your savings, you’ll be prepared with an emergency fund with enough assets to tide you over in the future.
2. Check your credit score. It’s easy to neglect your credit score. But checking your credit reports regularly not only helps you better understand your current credit position, it also helps you detect inaccurate information and fraudulent activity. You’re entitled to free copies of your credit reports every 12 months from each of the three nationwide credit bureaus. If you’ve been the victim of fraud or identity theft, you’ll want to review your credit information more frequently.
3. Review your Life insurance. It can be a financial lifeline, providing funds that let your family maintain their standard of living when your earnings are no longer in the picture. In a 2020 survey, a quarter of respondents bought Life insurance for the first time due to the pandemic.³ Make sure your family members are covered too. Even if you already have Life insurance, it’s important to take a fresh look at your policy to make sure your coverage matches your current lifestyle and needs. To get an idea of how much Life insurance you should have, check out our Life Insurance Needs Calculator.
4. Figure out how you would replace income lost due to an accident, illness, or injury.

That’s why Disability insurance can be a tremendous source of comfort for many families.

5. Future proof the cost of aging. As you age, you’ll need to consider how you and your parents will fund future care. As your parents age, you might be faced with the prospect of caring for them, which can be a full-time job. Consider looking into Long Term Care insurance. Planning ahead will help give you peace of mind that you and your parents will get the care you all deserve.
6. Don’t wait. If the pandemic taught us anything, it’s that procrastination can cost us in so many ways. If you want to build your emergency fund, create a monthly budget. If you’re considering refinancing, do it now while interest rates are low . If you have an insurance shortfall, get coverage before you need it. You may not have as much time as you think.

See how our Alumni Benefits Program can keep you secure and on the track to financial wellness.

¹“Invest in You,” CNBC SurveyMonkey poll, August 2020.
²“Tough Talks During Covid,” Life Happens Survey, July 2020.
³“2020 Insurance Barometer Study,” LIMRA, June 2020.