About
About Us
Leadership Team
Annual Report
Mutual Growth Podcast
Impact Report
Resources
Knowledge Center
Financial Calculators
Financial Quizzes
Security Center
Contact Us
Careers
Find a Branch Near You
215.788.1234
Find a Branch
215.788.1234
site logo
  • Personal
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
      • Credit Cards
      • Home Equity Loans & Lines of Credit
      • Home Mortgages
      • Personal Loans
      • Meet The Team
      • Apply for a Loan
    • Manage
      • Online Banking
      • Mobile Banking
      • Visa Debit Cards
      • Your Credit Score
      • Credit Cards
      • Zelle® Complete
      • Safe Deposit Boxes
    • Personal Banking Rates
    • Financial Calculators
  • Small Business
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
    • Manage
      • Cash Management
      • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • Commercial
    • Bank
      • Checking
      • Savings & Money Market
    • Borrow
    • Manage
      • Cash Management
      • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • How We Grow Communities
    • Community Commitment
    • Penn Community Foundation
    • Community News
  • Log in
site logo
  • Log In
  • Personal
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Manage
    • Personal Banking Rates
    • Financial Calculators
  • Small Business
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Manage
    • Meet The Team
    • Industries
    • Resources
  • Commercial
    • Bank
    • Checking
    • Savings & Money Market
    • Borrow
    • Cash Management
    • Merchant Services
    • Meet The Team
    • Industries
    • Resources
  • Communities
    • Community Commitment
    • Penn Community Foundation
    • Community News
  • About
    • About Us
    • Leadership Team
    • Careers
    • Annual Report
    • Mutual Growth Podcast
    • Impact Report
  • Resources
    • Knowledge Center
    • Financial Calculators
    • Financial Quizzes
    • Security Center
  • Contact Us
Careers
Find a Branch Near You
215.788.1234

60-Day Action Plan: How You Can Manage Your Finances Wisely

The outbreak of COVID-19 and its impact on our economy has forced many to take a closer look at their financial situation.

Regardless of where you are in your financial life, here are a few things you can do during the COVID-19 crisis to help set yourself up for financial success in the future.

  1. Talk with your partner: Have the hard conversation with your partner or family about your overall financial situation. The more transparent you can be with one another, the easier it becomes to stay aligned with where funds are being allocated as things continue to unfold. At a time when tension and panic are particularly high, it’s a great initial step to mitigating added strain to an already stressful situation.
  2. Get in the driver’s seat: You are in control of your financial future – nobody can or will do it for you. Although this may feel daunting at first, there are many ways to take a proactive approach in managing your money. Start by assessing your situation: make sure you know how much money is coming in, how much is going out, and how much you have in savings. With a full picture of what you have available, you can prioritize spending more effectively.
  3. Create a budget. Get specific with your budgets. Once you confirm how much money you have coming in and what your monthly expenses are, it’s time to get more specific. Make a list of all the things you need to budget for, then allot a specific money amount to each area. This is a place where technology can help.  Put Penn Community Bank’s financial management solutions to use. They can show trends over time and help make the budgeting process easier to keep up with, so you can stay on track. Also, as the government provides a stimulus package relief plan, make sure you’re allocating that extra money in the most impactful areas.
  4. Bulk up your savings. Aim to have 3-6 months of expenses in savings. You can do this by saving on things you no longer need to spend on. With social-distancing in effect, you may see some weekly and monthly expenses dropping. For example, maybe you’re finding that you now use less gas, or that your daycare bill has dropped to zero, put as much of that extra money into savings as you can.
  5. Avoid unnecessary expenses. Once you create specific budgets that help you understand exactly where your money is going, and you’ve found ways to reallocate more into savings, it’s time to cut unnecessary expenses. Maybe this is in the form of a subscription that you haven’t used in a while. With subscription tracking software you can easily find which subscriptions you have, so know exactly what you’re paying, and more importantly, where you can save month-over-month. Or, perhaps, it’s a luxury item you’re accustomed to but can do without for a few months. Either way, these recurring expenses can add up fast.
  6. Minimize the cost of debt. Now’s a good time to get out of debt if you can. Interest rates are at a historic low—use that to your advantage. Check in Penn Community Bank about debt consolidation loan options and, if possible, roll everything into a single, low-interest loan.
  7. Defer payments. Use what’s working in your favor. Many organizations from banks and mortgage companies to lenders and utilities are holding off on late fees and/or deferring payments. Check in with each one of your providers to see what they’re offering. This will give you a much clearer picture of how to reallocate that spend and continue to build on your savings.
  8. If possible, help the economy and your community. This is a hard time for everyone, but it’s also a great opportunity to lean in and help where you can. One way of doing this is by shopping locally. If you have available funds, help local businesses that may be struggling during the economic downturn. Another way is by helping your community, whether that’s by giving blood, or supporting regional food banks. Always look to “pay it forward.”

To help you accomplish your financial goals, Penn Community Bank offers all online banking customers access to the award-winning financial management platform MX Money Management.

Created by financial data analytics firm MX, this free software platform harnesses the power of data to help people make better financial decisions. It eliminates the need for spreadsheets and simplifies your financial life. No more juggling paper statements or logging into several accounts at multiple financial institutions.

With MX Money, you can:

  • Connect all your financial accounts in one place, including credit cards, loans or accounts with other financial institutions, and even investment accounts.
  • Track and categorize your spending, so you can clearly see where your money is going every month.
  • Auto-generate a budget based on prior spending, which you can then fine-tune each month.
  • Forecast debt payoff, using traditional or “debt snowball” methods. Calculate how quickly you can become debt free and how much you can save by snowballing debt payments.
  • Anticipate future cash flow by populating a chart or a calendar with upcoming bill payments, paychecks, and more.
  • Set financial goals on a timeline, including paying off individual debts; saving for an emergency fund, college tuition, or a new car; and saving for retirement.
  • Analyze and then track over time your net worth, which is the total value of everything you own minus everything you owe; net worth is the single most important indicator of overall financial health.

Whatever your goal, MX Money Management gives you the tools you need to accomplish it. Simply log into your online banking portal and click on “Money Management,” found under “Manage Money” in the top navigation bar.  To access MX Money Management via our Mobile App simply click on the “More” menu.

To learn more or for questions about MX Money Management, call the Penn Community Bank Customer Care Center at 215.788.1234.

Posted on April 3, 2020June 18, 2021Author Penn Community BankCategories COVID-19, Financial Literacy, General

Post navigation

← Don’t Worry, Your Accounts are Safe from COVID-19
HOPE for Some of Bucks County’s Most Vulnerable Amid COVID-19 Outbreak →

Search

Recent Posts

  • Celebrating the Career of Diane Brown
  • Reflections During Women’s History Month
  • Daylight Savings: Spring Savings Tips
  • Protect Your Accounts by Avoiding Phishing Scams
  • Celebrating International Women’s Day

Categories

  • Business Banking
  • COVID-19
  • DE&I
  • Digital Banking
  • Economic forecast
  • Financial Literacy
  • General
  • Personal Banking
  • Podcast
  • Residential Lending
  • Security

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • November 2018
  • October 2018
  • August 2018
To give you the best possible experience, this site uses cookies and by continuing to use the site you agree that we can save them on your device.
Accept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT

215.788.1234 Find a Branch Near You

Personal Bank Borrow Manage Personal Banking Rates Financial Calculators
Small Business Bank Borrow Manage Meet The Team Industries Resources
Commercial Bank Borrow Manage Meet The Team Industries Resources
How We Grow Communities Community Commitment Penn Community Foundation Community News
Security Center Privacy Policy
Accessibility Statement Site Map

US Routing Number: 231373182 
|  Penn Community Bank NMLS #: 434939

© 2023 Penn Community Bank. All Rights Reserved