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How to Cope with Financial Stress During a Quarantine

Families across the country are feeling the stress of the pandemic and subsequent quarantines affecting much of the country. There are children at home, people are trying to get the hang of work and school from home and the little normal things of life, like sports, have gone by the wayside (for now). On top of all of this, the cycle of bills keeps moving like usual, causing the potential for major financial stress. However, there are some things to keep in mind to help you get through any added worry about money during the craziness of a quarantine.

Cancel Payments For Things That Can’t Be Used

The current quarantine crisis has caused lots of businesses to temporarily close their doors as they are unable to provide their services. In many cases, this includes gyms, children’s lessons (like swim or gymnastics), and plenty of other services. While many local businesses will ask you to keep your subscription active to help keep their business afloat during the quarantine (something highly recommended, if you are able), canceling these payments can certainly alleviate some of the financial crunches. Another thing to check for is the option to get refunds for travel plans or other prepaid items that can no longer be used and get some positive cash flow back into your bank account.

Be Aware of Developing Relief Programs

Both public and private entities are taking actions to help provide financial relief and ease the stress of the quarantine. Some of these, like the anticipated stimulus payments, may not require any other action, but others may require you to be proactive. If you have student loans, ensure that they are federally backed and are eligible for some of the programs. Some mortgage companies are offering payment deferments or other relief. If there are any bills you are concerned about, it never hurts to reach out and ask.

Don’t Spend Your Money Hoarding Supplies

As we’ve all become aware, there are some people who are reacting to the current situation by hoarding items. Right now, the supply chain for items is perfectly intact, so there is no need to hoard items. Not only does this prevent a proper flow of goods, but it involves spending a substantial amount of money upfront for products that don’t need to be purchased immediately, and it can lead to waste. Making sure that you are only buying what you will actually use can keep the spend down and keep the shelves stocked for others also.

While no one will say that quarantine and the current situation is easy, going into it with a clear eye on smart financial decisions will help you come out the other side without undue stress. If you have questions, or are looking for assistance in dealing with financial stress, please contact us today.

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Hadj Thomas, LtCol, USAF, Ret.

Financial Service Representative, 29 Palms, CA and Nellis AFB, NV

Hadj Thomas

Hadj Thomas

Hadj served as a C-130 pilot and retired from the USAF after 22 years on active duty. Continuing his work with military families after retirement, Hadj supports and educates servicemembers on their benefits and provides valuable information for smart financial decisions.

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Chris Benkendorf, RFC, IMO

Independent Marketing Organization

Chris Benkendorf

Chris Benkendorf

With over 20 years in the financial services industry, Chris has dedicated his career to helping military members achieve their financial dreams. With his team of financial reps in locations throughout the U.S., Chris works tirelessly to select and train top-notch financial reps who share his same passion.

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Troy Simpson, RTL

Regional Team Leader

Troy Simpson

After spending 14 years in the United States Air Force, Troy Simpson found a successful career with Consolidated Financial after a series of events that changed his life. Early in his military career as a Senior Airman, Troy and his wife decided to start a personal savings program, not realizing how truly beneficial and impactful that decision would become for their family.

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Twana Ivory, FSR

Field Service Representative

Twana Ivory

After spending 19 years in the retail industry, Twana Ivory found herself wanting to make a bigger impact in her daily work. In 2009, she was introduced to CFG and began her career as a Field Service Representative and became immediately aware of the real difference she would be able to make in helping military families. Twana’s passion for helping her clients became personal because of the military’s strong influence in her own life.

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Ronald L. Pettigrew, DM

District Manager

Ronald Pettigrew

District Manager, Ronald Pettigrew, was introduced to financial planning in 1999, after spending 30 years serving in the military. After obtaining the rank of Master Sergeant, Ron retired knowing he would spend the rest of his working years in the financial world. While on Active Duty, he was presented with a brief education on military benefits from a Financial Representative. Realizing there was much information he was not aware of, it became Ron’s mission to help other military members learn what he has discovered.

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George Hudspeth, FSR

Financial Service Representative

George Hudspeth

With over 20 years of legal and financial consulting experience, George has assisted hundreds of individuals and families improve their finances. Shortly after beginning his journey with CFG in 2001, it became clear that George had made the right move. “Improving the financial stability of members of our Armed Forces has become the best and most rewarding decision that I’ve made in my life,” George recalls.

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Travis Johnson, IMO

Independent Marketing Organization, Corporate Training Director / Fort Carson, CO

Travis Johnson

Travis Johnson

Still serving as a 1SG in the WA National Guard, Travis has represented AFBN and worked with Department of Defense personnel for over twenty years. Travis is responsible for a large portion of the professional training that takes place at the corporate level to ensure that future AFBN representatives are up to speed with the latest information on survivor benefits, Thrift Savings, CSRS, FERS CSB/REDUX and BRM retirement . Travis’s mission is to help as many DOD servicemenbers make educated decisions maximizing their financial futures.

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