How to Manage Our Finances & Credit During This Coronavirus Pandemic

The panel included Rod Griffin: Director of Consumer Education and Awareness at Experian; James Jones: Head of Consumer Affairs at Experian; American Consumer Credit Counseling; SaverLife; Jordanne Wells: Founder of Wise Money Women; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Todd Christensen: Education Manager at Money Fit by DRS; Sean Gillespie: Financial Advisor; Andrew Chen: Founder, HackYourWealth.com; American Consumer Credit Counseling; Take Charge America; Centsable Chat; Naseema McElroy: Founder of Financially Intentional; Courtney Richardson: Founder of The Ivy Investor; Tremaine Wills: Financial Adviser; Angel Radcliffe: Financial Educator & Business Strategist; Kayse Kress: Director of Financial Planning at Physician Wealth Services; Emily Guy Birken: Freelance Writer Specializing in Personal Finance and Retirement; Sha’Kreshia Terrell: Founder of Humble Hustle Finance; Kimberly Hamilton: Founder of Beworth Finance; Alicia R. Hudnett Reiss: CERTIFIED FINANCIAL PLANNER™; Athena Lent: Latina Personal Finance Expert; Navicore; Leslie H. Tayne, Esq: Founder and Managing Director of Tayne Law Group, P.C. (f/k/a The Law Offices of Leslie H. Tayne, P.C.); Jeff Rose: Founder, Wealth Hacker Labs and Good Financial Cents; Patrina Dixon: Certified Financial Educator; Sarah Brady: financial consultant, workshop facilitator, and writer; Molly Ford-Coates: Founder, Ford Financial Management; Roger Ma: Financial Planner at LifeLaidOut and author of Work Your Money, Not Your Life; Alexandria White: Credit Cards Reporter at CNBC Select; Marybeth Hamilton: Owner of BabySavers.com; and Gerri Detweiler: Director of Education at Nav Inc..

Questions We Discussed:

• Q1: How is everyone doing during this coronavirus pandemic?
• Q2: What are your thoughts on panic buying?
• Q3: What are some ways we can help those around us during this financially-straining time?
• Q4: What are some ways to manage our budgets with many unexpected expenses?
• Q5: Many people will have larger credit card bills in 30 days. What tips do you have for repayment?
• Q6: How can families still have fun without spending money while social distancing?
• Q7: As the outbreak grows, more people are working from home. What are some challenges with remote working?
• Q8: What are some smart ways to cut back on expenses?
• Q9: What are some ways to keep your credit reports and credit scores strong during the coronavirus outbreak?
• Q10: Any final tips on coping with the coronavirus pandemic?

What topics do you want to discuss during this COVID-19 tweet chat series?

— Experian #StaySafe (@Experian) March 25, 2020

Retweet these insights from our community:

A1. Stress is high but we must remember to pay attention to our spending, and learn ways to keep calm #creditchat @experian https://t.co/GqGv1mXkcD

— Angel R. (MissRMBA) (@MissRMBA) March 25, 2020

A2: If you have to self-quarantine, you’ll need enough food to last you a couple of weeks. However, there have been instances where some consumers have bought far too much, which leaves vulnerable people without enough supplies. Be prepared, but be considerate. #CreditChat pic.twitter.com/nx7wCqTXAf

— American Consumer Credit Counseling (@ACCC_TalkCents) March 25, 2020

Q3: What are some ways we can help those around us during this financially-straining time? #CreditChat #covid19 pic.twitter.com/gk4ajJieMQ

— Experian #StaySafe (@Experian) March 25, 2020

A4: Take a look at income and expenses for the short term, could be even just a week or two. Avoid impulse buying and stockpiling. Resist the urge to shop online sales. Keep your food budget in line and plan meals for your family ahead of time. #CreditChat

— Leslie H. Tayne, Esq (@LeslieHTayneEsq) March 25, 2020

A5. Try to repay any new debt quickly so you don’t rack up interest charges. If you’re experiencing reduced income, make sure you at least pay the minimum to keep accounts current and avoid late fees. #creditchat

— Take Charge America (@TCAsolutions) March 25, 2020

A6: It’s important to stay socially connected while physically distancing yourself from friends and family. Some ideas for video chat sessions: karaoke, workout challenges, charades, happy hour, dance battle, or simply just talk and listen to each other. #CreditChat

— Sarah Lai (@_SarahLai) March 25, 2020

a7. Working from home drive someone crazy if you’re not used to it.. remember to give yourself breaks, take a lunch, or even a walk. If you are working with fam members, try to section off a house to call your ‘work’ be sure to have a comfy workspace #creditchat @experian

— Angel R. (MissRMBA) (@MissRMBA) March 25, 2020

A8: Take a look at your budget, and identify “wants” vs. “needs.” Right now, we should be focused on eliminating as many “wants” as possible, to ensure we can afford the “needs.” #CreditChat

— BestLifeNow (@BestLifeNow2) March 25, 2020

A9: Use tools like #ExperianBoost to add your positive cell phone and utility payments. Could help bolster scores until COVID-19. crisis ends. https://t.co/SOFNtvuX3m #creditchat

— Rod Griffin (@Rod_Griffin) March 25, 2020

A10: Stay safe, #stayhome and try to focus on the positive things. Also stick together! Now is the time for everyone to support each other in whatever ways possible, whether it’s a phone call or sending some food to an elderly family member #CreditChat https://t.co/eYxbXwgDIy

— Alexandria White (@awhite_credit) March 25, 2020

“Be vigilant, but not to the point of obsession. Be intentional about where you are receiving your information and who the messenger(s) is/are. Be open to introspection and use your downtime to financially and personally plan for the months to come.” – @ItsWealthyWhit #CreditChat pic.twitter.com/P9Loa4QOed

— Experian #StaySafe (@Experian) April 3, 2020

“If you’re spending less on restaurants, bar, entertainment, etc., transfer those savings to build up your emergency fund! You can also take advantage of free streaming workouts, plays, etc.” – @BeworthFinance Join our #CreditChat on Wednesdays at 3 pm ET for more tips! #StaySafe pic.twitter.com/rM32JzvagL

— Experian #StaySafe (@Experian) April 7, 2020

“Now is really the time to identify needs vs. wants. I’m amazed by what I find I really don’t need but would have sworn I did a few weeks ago.” – @Rod_Griffin Join our #CreditChat every Wednesday for more thoughts and tips on #PersonalFinance and #COVID-19 #StaySafe pic.twitter.com/SODbV7bwf4

— Experian #StaySafe (@Experian) April 6, 2020

“It’s important to stay socially connected while physically distancing yourself. Some ideas for video chat sessions: karaoke, workout challenges, charades, happy hour, dance battle or simply just talk to each other.” – @_SarahLai #CreditChat pic.twitter.com/UjInE8RwJO

— Experian #StaySafe (@Experian) April 5, 2020

“Take care of yourself and your family. If too much news consumption is making you uneasy, unplug for a while and spend time doing the things you enjoy. Stay safe and healthy.” – @Teena_LaRo Join our #CreditChat every Wednesday at 12 pm PT to share your thoughts and tips #covid19 pic.twitter.com/5lezZp0p8p

— Experian #StaySafe (@Experian) April 4, 2020

“Times are hard. I know a lot of people are going to have to choose between bills or their health. Do your best to pay the minimum, then talk to your creditors to see what they can do for you in this unique situation. A lot have already waived interest/late fees.” –@prguevarra pic.twitter.com/Z35sHOauPt

— Experian #StaySafe (@Experian) April 9, 2020

“Proactively reach out and ask people how they are doing and if they need anything. People often are afraid to be vulnerable and ask for help.” – @CreoleKerr #CreditChat pic.twitter.com/CVgLRU22ZL

— Experian #StaySafe (@Experian) April 14, 2020

“Frequently monitor your credit card statement (at least once a week, but aim for every day) and check your report and score for signs of fraud. Fraudsters like to take advantage of bad situations, so try and be proactive.” – @awhite_credit #CreditChat pic.twitter.com/UMD5xJumT9

— Experian #StaySafe (@Experian) April 11, 2020

“Frequently monitor your credit card statement (at least once a week, but aim for every day) and check your report and score for signs of fraud. Fraudsters like to take advantage of bad situations, so try and be proactive.” – @awhite_credit #CreditChat pic.twitter.com/UMD5xJumT9

— Experian #StaySafe (@Experian) April 11, 2020