Mar 25, 2020

Mel's Money Minute: Coronavirus and Your Finances

Mel's Money Minute: Coronavirus and Your Finances

I am here to provide you insight into what I am observing when it comes to COVID-19 and the impact it could have on your financial well-being.

We cannot let this virus control our lives and our emotions. Yes, this unchartered territory can create anxiety. This may mean that you need to turn off your news notifications or temporarily delete your social media, so you aren’t fueling the fire. It is important that we stay connected to what is happening in the world, but we must practice moderation.

You should be aware of the following when it comes to COVID-19 and your personal finances:

A source that many individuals are unaware of is the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) programs. I have worked for this program, and it is a fantastic resource for free tax help for low- to-moderate income families who need assistance preparing their tax return.

You will need to check if your local VITA/TCE center is currently open.

Find your local VITA/TCE center: https://irs.treasury.gov/freetaxprep/.

We cannot control this virus, but we can control how we react.

As we continue to face uncertainty during these tough times, we must work on what we can control and practice gratitude. There is nothing great about the circumstances we are currently facing, but practicing gratitude will allow us to cope better with our stress. Our daily routine runs on technology, so facetime your friends and family! Make an effort to not talk about the economy or COVID-19. Give thanks to those individuals who are risking their lives to do their job right now. People, more than ever, need positivity and kindness.

It is likely there will be additional sources of relief if current circumstances continue. We will update and provide them to you as we deem necessary. As always, do not hesitate to reach out to me if you have any questions or comments. My email is [email protected], and you can also reach me at 770-344-0172.

Melissa Visbal

Financial Planning Associate

Melissa came to Narwhal in the summer of 2018 following the completion of her master’s degree in financial planning from the University of Georgia, where she also earned her bachelor’s degree in consumer economics. Her interest in the field started with learning about consumer behavior, specifically it’s relation with complex moneymaking decisions. Melissa recently passed the CFP® examination in March 2020 and is currently fulfilling her experience requirement to become certified by March 2021. When she’s not working, Melissa enjoys doing pro-bono work, running (to an extent), reading, yoga, and spending time with her niece.

Let’s start the conversation.

At Narwhal Capital Management, you’re more than just a portfolio, and it’s not all about the numbers. Let’s start with a meeting about your needs and future goals.