Special COVID-19 Message: a COVID-19 relief loan is just one of many ways we can help reorganize your finances during these difficult times. If you’re experiencing financial hardship and are looking for some guidance and support, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this.
Getting your financial house in order is something that every person should strive for. From credit scores, savings accounts, and open lines of credit, it’s a full-time job to keep track of all accounts and payments. Especially during this tumultuous time of uncertainty, finding your financial groove is more important than ever before. Thankfully, there are a few huge steps you can take to minimize the impact that COVID-19 has on your financial situation, even if you’ve found yourself experiencing a loss of income.
Avoid Unnecessary Debt
While social distancing prevents you from going to your favorite mall or outlet, avoiding debt is still an everyday struggle. During this time, always ask yourself: is this something I really need? Filling up your cart on Amazon is a great way to pass the time, but may leave you up to your chin in unnecessary debt (and purchases). Unless absolutely necessary, limit random splurges and frivolous spending to avoid racking up debt that will negatively impact you post-COVID-19.
Build a Budget
To really take a step in the right direction, generate some sort of weekly and monthly budget to follow. This should include necessities like bills, groceries, gas, and other important payments. Balance your spending with your total income and adjust spending habits accordingly. Try to limit dangerous spending habits and keep random splurging to a minimum. If you’re currently experiencing a loss of work or income, you may need to adjust your spending even further in order to accommodate for a reduced paycheck.
Start Saving More
With limited access to shopping centers, it’s a great time to start saving all the money you would have normally spent on fun gadgets and clothes. If you don’t currently have a savings account, open one today. When creating your weekly and monthly budget, include a certain percentage of your income to be automatically placed into your savings account. Over time, the account will grow into a fairly large safety net that you can use however you please.
Consider a CD
If you have a decent savings already, consider opening a Share Certificate Account (CD). They are deposited for a fixed period of time and yield higher interest rates. You can open a Share Certificate with as little as $500. Investment terms range from 6 months to 3 years.
Transfer Your Credit Balance
If you have a few lines of credit open at this time, a credit balance transfer can help consolidate multiple accounts into one. This makes managing payments easier and diminishes the risk of unwanted interest accumulation. Especially if you’re cutting down on costs, you’ll want to start reducing any unnecessary interest payments tacked onto your principal balance.
You’ll start by filling out a card application. Simply call your local credit union, fill out an application, and start reaping the benefits of a lower-interest credit card and comparably lower card payments. It’s that easy!
Apply for a payment extension
If your household income has taken a hit, applying for a payment extension gives you a little bit more time to get back on your feet. Especially with multiple loan accounts or lines of credit, missing payments and accumulating fines is the worst thing to do. Give your local bank or credit union a call to see what they can offer in terms of payment extensions or deferments based on your financial situation.
Use a Debt Relief Loan
If you’ve recently found yourself out of work, waiting for your unemployment compensation check to arrive in the mail may not be in your best financial interest. With a COVID-19 Emergency Relief Loan, you can get the funds you need for necessities way ahead of schedule. Better yet, emergency relief loans will often allow you a few weeks or even months to get back on your feet before payments start coming in. Overall, they’re a low-interest and high-yield option for those in need of a little extra funding.
In need of some extra cash while getting your finances in order? With rates as low as 6.99%* and no payments for the first 90 days, financial relief has never been more accessible than with our COVID-19 emergency relief loan. To learn more about your options or ask any questions, give us a ring or reach out via email today!
Experiencing financial hardship? Let’s talk.
Right now is a tremendously tricky time. Above all else, we want to help you and your family stay financially stable. If you’re experiencing financial hardship, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this difficult time.