The Weekly Newspaper of Inglewood
Herald Publications - El Segundo, Hawthorne, Lawndale & Inglewood Community Newspapers Since 1911 - (310) 322-1830 - Vol. 69, No. 47 - November 19, 2020
Kids Fun Zone Presents Art and Culture to
Our Inglewood Youth While Social Distancing
Kids Fun Zone’s mission is to introduce creative outlets for the children in the communities they serve. Offering art, introductory classes to gardening, yoga, music production and other creative outlets. Due to COVID-19, they have directed classes to Instagram and with at
home free craft kits. An exciting new craft is announced every month with an instructional video released on IGTV (@crenshawimperialplaza). Craft kits are limited, and reservations are suggested. Photo courtesy Crenshaw Imperial Plaza.
Areas To Get Your Finances Back On Track
(BPT) - The COVID-19 pandemic has hit
many people hard financially. From furloughs
to job loss and from strict budgets to depleted
savings and much more, people are making
adjustments as needed. It’s important to stay
focused on your financial well-being and take
simple steps so you can recover and thrive in
the future.
“Many people who have experienced financial
disruption need some help to get their savings
back on track,” says Andy Harmening, Consumer
and Business Banking director at Huntington.
“Even in a strong economy, managing everyday
finances can be stressful. Fortunately, with a
little diligence and some digital tools that make
it easier to save, people can find the financial
peace of mind they’re looking for.”
Harmening says it is possible to improve your
finances in a post-COVID world by focusing
on three key areas:
Create An Updated, Agile Budget
Your income may change, so it’s important
to understand your spending habits and create
a realistic budget. Track all your spending for
a month and separate out necessities versus
nice-to-have items. You can also input your
income and expenses and let an online budget
calculator do the math.
Keep in mind variables due to the pandemic
that may impact your budget. For example,
a shorter work week, lower gas prices, more
money on groceries and perhaps less money
eating out. You’ll want to incorporate these
positive and negative changes, and if possible,
leave some wiggle room for future changes.
Additionally, some things like gym memberships
and parking passes may have paused when the
pandemic started but are now being charged
again. Sophisticated online banking solutions,
such as a spend analysis tool, can give you
an eye-opening look into how your spending
adds up so you can make smart adjustments.
Replenish Emergency Funds
With Smart Tools
Many people have tapped or even drained
their savings to make ends meet as the
pandemic hit. By updating your budget and
getting ahead of spending, you can start to
replenish emergency funds. Saving even a
small amount regularly can help create an
emergency fund that will put you in a better
position to handle the potential of future
financial challenges.
Small amounts over time - even just $5 -
can add up to a robust emergency fund that
provides peace of mind. Money Scout by
Huntington is a new tool customers can enroll
in that analyzes spending habits, income, and
upcoming expenses and finds money you’re not
using in your checking account. Then, it moves
that money, from $5 to $50, automatically to
your savings, up to three times a week. Bit
by bit, it will help you build savings.
Automate Bills and
Pay Down Debt
To keep your credit healthy, take steps to
pay your bills on time and start reducing debt.
A good first step is to automate wherever
possible. Direct deposits and automatic bill
payments ensure nothing gets overlooked or
falls through the cracks in spending and saving.
If you’ve leaned on your credit cards during
the pandemic, pay down the debt with the
larger interest rate first to avoid wasting dollars
on paying interest, even if that means paying
smaller debts first. This will help you save
money in the long run.
Keep in mind, it can be tempting to tap
into money set aside in a retirement plan to
cover expenses, but even if that can be done
without a penalty, it can rob you of potential
financial security down the road. If you need
to pause contributing to a retirement plan
temporarily to get finances back on track,
that’s OK. But avoid borrowing from these
accounts and start contributing to them as
soon as you’re able to set yourself up for a
bright financial future. •
Finance
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