Financial Matters: PsychArmor Provides Pandemic Financial Wellness

Financial Matters: PsychArmor Provides Pandemic Financial Wellness

The adage to ‘save for a rainy day’ never held truer than when the novel coronavirus, COVID-19, caused an international pandemic in early 2020. The ‘rain’ triggered a healthcare crisis, quarantine social isolation, food shortages, and a recession that economists say is the worst the United States has experienced since the Great Depression of the 1930s.

The Pain Points Poll from PsychArmor partner Blue Star Families, identified the intense lifestyle and financial challenges our military families, military communities, and Veterans have experienced during the COVID-19 pandemic. The most reported financial impacts among respondents were the loss of income as a result of the crisis and the increased grocery expenses.

Military and Veteran families already face unique financial challenges, which can be stressful. We understand how that stress can affect everyday life and why it is important to manage by creating a path to financial wellness. Add in a global pandemic, and it could cause some bad weather. To help military and Veteran families weather the storm, PsychArmor’s sponsor Prudential offers free, online courses that cover budgeting best practices and engaging resources to help military-connected individuals progress towards financial wellness. Explore the range of topics strategically designed to span across the ages and stages of your life. 

When we are all experiencing unprecedented times of uncertainty and fear, one of the last things we want to worry about is finances. Are you worried about market volatility? Here are five things to consider. Most military and Veteran families have been managing their pocketbooks by more DIY at home, limiting eating out, and reducing the family entertainment budget. Maybe you’re preparing for a PCS move. Is now a good time to refinance your mortgage?

Have some COVID-19-related questions about taxes and the CARES Act? The Coronavirus Aid Relief and Economic Security Act allows individuals to make penalty-free hardship withdrawals from their individual retirement accounts and provide for the issuance of recovery checks of at least $1,200 to most Americans and their families. The legislation also provides funds to support businesses once the pandemic subsides.

If you are financially able to, consider applying your stimulus to pay off some principal of a loan or put it in your savings account or allocate it to your children’s college savings account. “Planning for College Expenses in Uncertain Times” is an article on Prudential’s website that explains how.

Experts say that the key to coronavirus saving and spending savvy is knowing the difference between ‘needs’ and ‘wants.’ That is a tough lesson, especially for children and teens. Watch PsychArmor’s courses on this with your children and discuss how you can, together, apply what you learned in your family. Also, check out Prudential’s article “Teaching Kids About Money During the Quarantine.”

Developing financial strength during a pandemic, and other tough times, requires committing to a strong financial plan. If you didn’t already have one before (I admit I didn’t have one), take some time to take some of the courses on that. In addition to the courses, there are more financial tools and resources provided by Prudential to help on PsychArmor’s Prudential portal..

Another adage is, “when it rains, it pours.’ No, the financial impact of this pandemic will not  go away anytime soon. Though we are all in this puddle together. It’s the small things we do now that will help us maintain financial wellness in the long run. Maybe the silver lining is that we can economize — I don’t really need a new outfit, as tempting as pushing that ‘checkout’ button may be. My comfy, frumpy pajama jumpsuit is just fine, thank you. 

About the author

Victoria Carlborg is PsychArmor Institute’s Education Manager and a military spouse who didn’t know what an annuity was until she helped develop PsychArmor’s Financial Wellness courses. She can be reached at vcarlborg@psycharmor.org.

Financial Matters: PsychArmor Provides Pandemic Financial Wellness

The adage to ‘save for a rainy day’ never held truer than when the novel coronavirus, COVID-19, caused an international pandemic in early 2020. The ‘rain’ triggered a healthcare crisis, quarantine social isolation, food shortages, and a recession that economists say is the worst the United States has experienced since the Great Depression of the 1930s.

The Pain Points Poll from PsychArmor partner Blue Star Families, identified the intense lifestyle and financial challenges our military families, military communities, and Veterans have experienced during the COVID-19 pandemic. The most reported financial impacts among respondents were the loss of income as a result of the crisis and the increased grocery expenses.

Military and Veteran families already face unique financial challenges, which can be stressful. We understand how that stress can affect everyday life and why it is important to manage by creating a path to financial wellness. Add in a global pandemic, and it could cause some bad weather. To help military and Veteran families weather the storm, PsychArmor’s sponsor Prudential offers free, online courses that cover budgeting best practices and engaging resources to help military-connected individuals progress towards financial wellness. Explore the range of topics strategically designed to span across the ages and stages of your life. 

When we are all experiencing unprecedented times of uncertainty and fear, one of the last things we want to worry about is finances. Are you worried about market volatility? Here are five things to consider. Most military and Veteran families have been managing their pocketbooks by more DIY at home, limiting eating out, and reducing the family entertainment budget. Maybe you’re preparing for a PCS move. Is now a good time to refinance your mortgage?

Have some COVID-19-related questions about taxes and the CARES Act? The Coronavirus Aid Relief and Economic Security Act allows individuals to make penalty-free hardship withdrawals from their individual retirement accounts and provide for the issuance of recovery checks of at least $1,200 to most Americans and their families. The legislation also provides funds to support businesses once the pandemic subsides.

If you are financially able to, consider applying your stimulus to pay off some principal of a loan or put it in your savings account or allocate it to your children’s college savings account. “Planning for College Expenses in Uncertain Times” is an article on Prudential’s website that explains how.

Experts say that the key to coronavirus saving and spending savvy is knowing the difference between ‘needs’ and ‘wants.’ That is a tough lesson, especially for children and teens. Watch PsychArmor’s courses on this with your children and discuss how you can, together, apply what you learned in your family. Also, check out Prudential’s article “Teaching Kids About Money During the Quarantine.”

Developing financial strength during a pandemic, and other tough times, requires committing to a strong financial plan. If you didn’t already have one before (I admit I didn’t have one), take some time to take some of the courses on that. In addition to the courses, there are more financial tools and resources provided by Prudential to help on PsychArmor’s Prudential portal..

Another adage is, “when it rains, it pours.’ No, the financial impact of this pandemic will not  go away anytime soon. Though we are all in this puddle together. It’s the small things we do now that will help us maintain financial wellness in the long run. Maybe the silver lining is that we can economize — I don’t really need a new outfit, as tempting as pushing that ‘checkout’ button may be. My comfy, frumpy pajama jumpsuit is just fine, thank you. 

About the author

Victoria Carlborg is PsychArmor Institute’s Education Manager. She can be reached at vcarlborg@psycharmor.org.

2020-08-25T11:25:15-07:00August 25th, 2020|