The recent global pandemic caused by the outbreak of the Novel Coronavirus, COVID-19, has inevitably impacted Trinidad and Tobago. Many non-essential services have regulated their hours of operation or closed; and businesses, organisations and government Ministries, have all adjusted their working operations and conditions to ensure the safety of their workforce and all citizen/residents.
These are challenging and uncertain times, and in such circumstances, a major fallout as a result of such limitations is, a reduction in income due to: shorter working hours; pay cuts; slow sales and job loss.
Many find themselves grappling with the question, ‘What’s next?’, particularly as little or no income leads to increased debt; inability to meet necessary payments, and in some cases, to meet basic needs; and increased stress.
Financial emergencies can be stressful and cause considerable hardships for you and your family. It is for this reason, the TTSEC created the following tips on how to Manage Financial Health in Challenging Times!
Keep Calm. Think Logically.
You’ve got this!
If the current pandemic puts you in financial hardship, here are some steps you can take:
Now is a good time to ensure that you are set up to access online services.
What to do if there is limited access to your financial institution?
Your financial institution may regulate its hours or consolidate its operations temporarily, depending on the situation. Online, ATM or telephone banking will become important for making financial transactions. Make sure your login information and passwords, and your bank’s phone number are readily at hand.
Not online yet? Here’s what you can do.
It’s important that you always protect yourself from fraud when using online banking. Enter your financial institution’s website address in your browser yourself and don’t click on links in unsolicited emails. Note that financial institutions will never ask you to provide personal, login or account information by text or email.
Fraudsters thrive during Challenging Times. Be Aware!
Beware of Fraudsters!
You should always protect yourself from financial fraud, especially during this period of uncertainty. Fraudsters often take advantage of global events and ‘breaking news’ to lure potential investors with the expectation of significant returns. Fraudsters will prey on consumers’ fears and misinformation over the COVID-19 pandemic. You may get phone calls, emails and texts regarding the COVID-19. Be cautious.
Here are a few things to consider in order to protect yourself from financial fraud:
Check in daily as we’ll share with you tips to help you navigate these challenging financial times.
COVID-19 has presented unique challenges for the securities industry and the financial sector in general; and the long-term implications for jobs and investments are still being analysed.
These are some of the unfortunate circumstances that some of us are already experiencing as a result of the impact of COVID-19.
We’ll help you navigate during these Challenging Financial Times with these 3 simple steps. Stay with us to learn how each day, as we take it #step-by-step.
Three (3) Steps to get you started!
Step 1) Conduct a Financial Assessment.
Step 2) Income vs. Expenses
Step 3) Budget – Manage your finances wisely
Step 1) Conduct a financial assessment.
Step 2) Budget – How to manage your finances wisely
In these uncertain times there is no telling how long we may need to withstand the impact of this pandemic. Spend wisely, look for ways to cut back and conserve your resources.
Step 3) Income vs. Expenses
Depending on which income bracket you fall in, you may be able to obtain Government aid. Check out the following Ministries/Agencies for further guidance and information:
Also liaise with your bank or financial institution to see what provisions can be made for deferred payments, consolidation of debt or reduced interest for loans. Read the fine print and ensure new terms are manageable.
TTSEC — helping you navigate these challenging financial times.
You Invest. We Protect. Everyone Benefits.
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