Helpful Tips

Financial Wellness Tips for Challenging Times

While you are taking steps to care for yourself and your family’s physical health and wellness during this COVID-19 pandemic, it’s also a good time to think about your financial well-being. Budgeting and planning can help you get through these challenging times and help you prepare for better days ahead. Here are several financial tips to consider:

Consolidate Debt with our Home Equity Loans and Lines

If you’re a homeowner and have multiple credit card accounts and other outstanding debt, consider consolidating balances into a home equity line or loan to lower your monthly payment. Here are some benefits of consolidating debt now:

And, during the current situation, we’re providing automated or drive-by evaluations for homes under $400,000, plus a simplified title process, to limit in-person contact. To get started click here.

Create a Budget with our Free Money Management Tool

Now is a great time to take a closer look at your monthly expenses, including the “nice to haves” vs. “need to haves,” and create a household budget. Washington Trust’s Online Banking offers a free Money Management tool to help you get started.

  • See all of your accounts from multiple institutions in one place to see exactly where your money is being spent
  • Review your spending and make a new plan to ensure that you have funds available for your monthly bills, and for the fun things that we all want to do when this is over
  • Set spending limits and savings goals for the future

Click here to sign up for our free Money Management tool.

Stay the Course During Market Uncertainty

We understand that current market conditions have made many investors nervous. However, whether you’re reviewing your portfolio or checking your 401(k) balance, we encourage you to stay focused on your long-term investment goals, and offer you the following tips to stay the course:

  • Ensure your near-term cash needs are met
  • Resist the temptation to make any major asset allocation changes as a result of current events.

We anticipate that the financial markets will recover, however it is difficult to correctly time the length and depth of the current market downturn, and recovery can be swift as evidenced by history. If you would like to speak to a Wealth Management professional, click here.

We understand that this situation has caused economic uncertainty that may pose challenges for you and we want you to know Washington Trust is here to help. While the current situation may limit in-person meetings, our trusted advisors are always available by phone at 800-475-2265, via email, or you can contact your local branch.

*30-day closings not guaranteed. Varying factors may delay closing.
Investing involves risks, including the possible loss of principal. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. Individual securities may not perform as expected or a strategy used may fail to produce its intended result. Diversification does not ensure against loss. Past performance is not indicative of future results.