Managing Your Finances During Difficult Times
Helping you keep track of your finances has always been important to us. As people helping people, we want you to succeed financially. Now more than ever, it’s proving to be important to keep track of your expenses to make sure you’re not spending more than you make or increasing your debt unnecessarily.
Quick Tips:
- Stay in contact with your creditors and lenders
- Make a Budget
- Only buy what you need
- Reduce Expenses
- Try to pay off debt
- Work on Your Emergency Savings
- Cash in credit card rewards
At Eagle, we are implementing several initiatives like Emergency Skip-A-Pay, waiving of ECM Payment fees, and more to help our members through this time. Know that Eagle Federal Credit Union is always by your side and we will do everything in our power to help you get through this crisis.
Make a Budget
We want to help you stay in control as much as you can. The first step is to acknowledge what you’re dealing with. Is money still coming in? If so, how much? Has this changed due to the current situation? How much money is going out? To get a clear picture, we suggest creating a budget. There are apps and online templates to help you do this. Many of them have visual images like charts and graphs to help you see and understand exactly where your money is going.
Stay In Contact With Your Creditors and Lenders
Many creditors and lenders understand the current situation. If your income has been affected by this Pandemic, contacting them before they contact you can save you panic and worry. Your creditors will appreciate the initiative and many of them have systems in place to help work with you through your situation. Be proactive and ask for the help you need upfront.
Reduce Expenses & Only Buy What You Need
Having and maintaining a budget will help you see how much you’re able to set aside for essential things like rent, utilities, and food. It will also show you how much money is being used by non-essential things like eating out, memberships, or miscellaneous items. If money is scarce or your income has gone down, consider temporarily canceling non-essential subscriptions or services. You can always restart these when things get better. You may have already started saving money by not going out.
Work On Your Emergency Savings
In times like this an emergency savings account is also top of mind. If you already started one or have the capacity to start one, now is the time to use it. If your income allows consider setting aside at least $5 per week and consistently add to the account. If you feel that you can do more, add more. Research suggests you save at least 3 months of take home pay if possible.
Cash In Credit Card Rewards
Credit cards often come with a rewards system. If you’ve been saving those rewards, now may be the perfect time to cash in. Cash back, gift cards, money towards your payment, etc. may be redeemed depending on your card and carrier. Consider checking those credit card rewards to help find some extra relief.
If COVID-19 is impacting your finances, we want to help. Visit our website at www.eaglefederal.org to learn more about the special programs and other steps we’re taking to help members, or give us a call at (225) 927-1900 or 888-281-8485.
