<img src="https://events.xg4ken.com/pixel/v2?tid=KT-N2BAB-3ED&amp;noscript=1" width="1" height="1" style="display:none">
  • There are no suggestions because the search field is empty.

Ways to Boost Your Finances in Quarantine

Chris Gottschalk

Chris Gottschalk About The Author

Apr 30, 2020 6:30:00 AM

If you’re like most Minnesotans, you’ve been getting intimately acquainted with your home ever since Governor Tim Walz issued the shelter in place order to limit the spread of COVID-19. You’ve binge-watched as much Netflix as you can stand, played several board games, eaten way too many snacks, and are now wondering what else you can do until the threat of the Coronavirus has passed.

Being stuck inside can be frustrating, but like being snowed in, it’s a great chance to take care of some tasks that you may have been putting off. You can optimize your home work space, complete your spring cleaning and even finally get your garage cleaned out.

You can also use this time to get ahead on your finances. It doesn’t have to be a chore. Just prepare your favorite beverage, sit down and do a little research. You’ll appreciate the end result.


GET HELP



Organize Your Files

Almost everyone has files they’ve seen once and then stuffed into a file folder, be they monthly bank statements, 401(k) statements or insurance policies. Now is the time to go through them.

You’ll want to put your papers in chronological order, first. After that, you’ll probably discover you have financial records stretching back years.

You’ll be happy to know a lot of that paper can be shredded. How long you should keep those documents, though, varies. You can check out this guide to see how long you need to keep different records.

Look at Your Investments

While you’re reviewing your files, you’ve probably uncovered a lot of investment statements. These might be as simple as 401(k) updates from the financial institution your employer has partnered with, or they could be statements from the funds and stocks you’ve invested in on your own.

Sorting Files | First Alliance Credit Union Either way, now is the time to look through them. Take a look at how much each investment is worth and how it has performed over the years compared to the Dow Jones index, which is the least amount of how well your investments should be performing.  

You should also make sure your retirement funds are in Roth IRAs as opposed to Traditional IRAs. Roth IRAs require you to pay taxes on the money you put into them, but you get to withdraw that money—and the money its earned—tax free. Traditional IRAs let you deposit money into them tax free, but you will get taxed on the money you withdraw.

As a First Alliance Credit Union member keeping track of your investments becomes even easier with the My Money tool in our online banking. You can aggregate all your investment accounts (even ones not held at First Alliance) in one place. 

Renegotiate Your Bills

While you’re going through your files, you’ve probably also seen a few bills from your local ISP and cell phone company. Now is the time to give them a call and renegotiate what you’re paying each month.

You can find several guides online that will guide you through the renegotiating process, and the more you negotiate with companies, the more you’ll save. Even if you just get two bills lowered by $10 each, you’ll be saving $240 each year.

Transfer Your Credit Card Balance

Transferring Balance | First Alliance Credit UnionIf you’ve had a credit card, you know all about the annual fees and interest rates that come with them. Now is the time to start comparing credit cards. If you can find a credit card offer with a better interest rate and no annual fee, transfer your credit card balance to that card instead. One credit card you might want to consider is the First Alliance uChoose Rewards Mastercard, which also offers 0% interest for six months on balance transfers.

Another thing to remember is that many credit cards have special balance transfer offers, including not charging you interest on the balance you transfer for a few months. Look into the offers and see which one is the most feasible for you. This could end up saving you hundreds of dollars.

Switch Financial Institutions

Despite how easy switching financial institutions is, most people still get so stressed out about it they would rather stay with their old banks, no matter how badly they’re treated.

Being in quarantine can give you the time you need to not only switch to a financial institution that can serve your needs better, but also take a thorough inventory of which bills you pay through your current financial institution, how to change your direct deposit over to your new financial institution and even whether to get your loans refinanced through your new financial institution. If you’ve always wanted to transfer your accounts to First Alliance Credit Union, we’ve put together a switch kit that will make the process easier.

Let First Alliance Credit Union Set You on the Road to Success

Even if you are stuck indoors, you can still do a lot to improve your financial situation and put yourself even further on the path to financial success. You can also become a First Alliance Credit Union member today and rest easy knowing that your money is safe in traditional savings accounts, and you can use online banking and First Alliance’s mobile banking app to keep a close eye on your finances, as well as transfer money between accounts, pay off your credit card bill and even send money with Zelle®.


Get Started

We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.