Financial Safety Planning: Be Safe and Financially Sound

Financial_Empowerment

Safe+Sound Somerset’s Financial Empowerment Center helps survivors of domestic abuse break the cycle of financial abuse. Survivors develop financial safety plans, set goals to create savings plans, and identify financial assets as they eagerly work towards establishing a life where their financial, physical, and emotional health are in alignment.   

Suddenly, as the unprecedented medical crisis of the coronavirus pandemic dominated the news airwaves, flooded medical health centers and shuttered businesses, survivors were facing a new economic turmoil. The impact of COVID-19 on domestic violence survivors experiencing financial abuse left some sheltered in place, not only physically, but financially as well. Now dealing with lost wages, delayed unemployment insurance, and new apartment search restrictions, survivors found themselves faced with additional challenges to achieving their financial goals.

The time will come when shelter-in-place restrictions will be lifted, but the life we once knew will be different. In view of the impending changes, it is crucial that domestic violence survivors prepare financially in a safe manner.

Survivors of domestic violence will need patience, persistence and strength to prepare for the transition from sheltering-in-place while maintaining safe health practices and working towards goals of financial independence and housing stability. Following are seven steps to help survivors prepare for the transition: 

  • Identify immediate financial needs such as housing, job placement, or receiving back payment for unemployment benefits.
  • Contact the Financial Empowerment Center for assistance with financial safety planning with a financial empowerment coach.
  • Review your credit score and report to identify data that will be a hindrance to securing housing, insurance or credit.   
  • Contact utility companies and creditors if you are struggling to make monthly bill payments.
  • Research five housing locations that are affordable and ideal geographically.
  • Set short-and mid-term financial plans, with the understanding that these might need to be updated for the new COVID-19 world that develops.
  • Maintain consistency in executing your financial safety plan and working towards your financial goals.

Following these few steps can help prepare for the unexpected and set the foundation for future of financial safety and housing stability. For additional information on the services and programs of the Financial Empowerment Center, contact S+SS’s 24/7 call and text hotline at 866-685-1122.

 


See Also: Financial Empowerment Center