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SPECIAL COVID-19 RELATED FINANCIAL TIPS

4/14/2020

covid financial tips

  • Reminder: The credit union will NEVER email, call, or text you and ask for personal or account information. If you receive a suspicious message claiming to be from the credit union, please call us directly at 941-748-7704.

  • SCAM ALERT: We will NEVER email, call, or text you that your account needs to be “reactivated” or “verified.” These are likely scam attempts. If you receive a message like this, please contact us directly at 941-748-7704.

  • Organize & Prioritize Your Bills. Review your finances and identify the most important bills that need to be paid. If you’re struggling financially, contact companies before the due date to work out payment options. Our partner Balance can help. 
  • No one knows how long the COVID-19 effects will be felt. Spend time reviewing your finances and cut out any spending that is not absolutely necessary. Freeing up extra cash now will help you later down the road.
  • If you are experiencing financial hardship, do not stop paying your credit cards. Instead, reach out to your credit card companies and see what options are available to delay payments or reduce the payment amounts.
  • If your bills are currently set up on auto-payment, consider stopping them. Instead, pay all your bills manually. This will give you the flexibility to pay the most important bills first.

  • With the uncertainty and stress that is encompassing us all, self-care is more important than ever. Devote some time to your physical and mental health each day.
  • If you are having trouble making your mortgage or home equity loan payments, contact your lender before the payment date. Most lenders are providing COVID-19 relief options, such as deferred payments.

  • If you need extra funds right now, a personal loan is usually a better option than credit cards. Set payments and lower interest rates help pay the debt off quicker and typically pay less interest vs. traditional credit cards.
  • Review your account and credit card statements. Find any expenses that you could eliminate, at least temporarily. These could include subscriptions, apps, amusement park annual passes, or gym memberships.
  • During this period of social distancing, it’s a great time to focus on spring cleaning. Choose a room or area each day. Gather unused items, toys, or old furniture. Later, you can host a garage sale or donate to charity.
  • With the uncertainty of the economy, now is a good time to review all your current bills and monthly expenses. Organize your expenses into 3 categories: Must Have, Like to Have, Can Do Without.
  • When you receive your COVID-19 stimulus check, if you do not need the money immediately, consider saving it. A Money Market account earns more than a Savings Account and you can still access the money if necessary.
  • We often don’t realize how much routine expenses can impact our finances. Compare your current spending with previous months before COVID-19. How much have they changed? Can you do away with some expenses going forward?
  • It is now more important than ever to save money and spend wisely. Avoid shopping online out of boredom or anxiety. Unsubscribing or unfollowing stores will help ease the temptations to spend unnecessarily.

 



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