Top 3 Pandemic Money Management Tips
We are still moving through unprecedented times in 2020. Many have been effected with loss of jobs while others are navigating stay at home orders and online learning. No matter what your financial situation may be, your credit union is here to guide you every step of the way! Check out our top 3 pandemic money management tips.
During uncertain times, one of the best things we can do is save money for the future. If you don’t need the money to pay bills, we recommend opening a special savings or money market account to hold onto any government issued stimulus funds. This would also be a great time to change your spending habits in order to build your savings fast. Eating out less and shopping at discount grocery stores are easy ways to lower your monthly food spending. Check out our Financial Challenge: The Spending Freeze for more ideas on how to save money fast!
Create a monthly budget and STICK TO IT!
Do you know where every dollar you earn has been spent? You should! Many people hear the word “budget” and cringe. It feels restricting. But a budget is freedom for you! It means no more confusion. No more wondering where you spent your last paycheck. By creating a budget, you know all of your bills are being paid, you are saving money and you know how much you have left to spend on the fun things in life. Be sure to write down where you are spending your play money. Check out articles, financial calculators and podcasts all about budgeting from our friends at BALANCE.
Take Advantage of Special Programs:
During this Pandemic, many financial institutions, including BCFCU, are offering special programs to help you manage your money and survive what can be a financial crisis for some. Take advantage of these special programs, such a Skip-a-Pay and re-finance programs as well as super low-rate loans.
If this pandemic is not negatively effecting your finances, this could be a great time to take advantage of the low-interest rate environment. Home loan and auto loan rates are super low right now. This may be the perfect time to get into a new vehicle or refinance your home.
And remember, we are here for you! If you feel financial uncertainty, contact the credit union and we can help you review your options. Our offices remain open and we are here to serve you. If you are not currently taking advantage of our online banking options, we recommend signing up today. You can manage all of your accounts from the comfort of your own home. This includes transferring funds, paying bills and even depositing checks with just a few clicks of your smart phone. Sign up online today or call our offices at 1-800-782-2328.