Being under quarantine can be a big headache for all of us, but especially those who aren’t able to work from home. For those fortunate enough to be able to do your jobs from home offices, this is the perfect time to improve your financial situation.
Whether your wallet is struggling right now or not, here are three tips for improving your finances while you’re safe at home…
1. Give your emergency fund a boost: Even if you’re still working, having a nice emergency fund on hand is super important, because who knows what the future is going to hold. You may have a lot saved up, but you’d hate to see your savings dwindle dramatically over the next few months. One way to boost those accounts is to figure up the amount of money you aren’t having to spend right now (kids activities, sports, dining out) and transfer that money into your emergency fund. If you don’t need to spend it, you should definitely save it.
2. Go easy on the bulk spending: You don’t need all of that toilet paper. While it’s nice to have enough stuff to stay home for 2-3 weeks, having a 6 month’s supply of everything is a little much. Feel free to stock up, but save some for everyone else. Sure, you might use up your stock of toilet paper eventually, but you’re bound to end up wasting something when you’ve planned way too far ahead.
3. Ask for help: Even if you’re still working, money might get a little tight. Maybe your job translates to a home office, but your spouse doesn’t have that advantage. If this is the case, you may want to inventory your bills. Figure out which bills are absolutely necessary and make sure to pay those first. If you need to, contact your credit card company or student loan lender and see if they have any ways to help you find a little relief for the next couple of months. Contact your utilities provider to see if they’ve implemented a new program specifically to provide assistance to customers who are affected by the pandemic.
MidSouth Community FCU is here to help
If you have a personal or auto loan with MidSouth Community FCU and have been directly impacted by the pandemic, please contact us so we may provide assistance during this time. Assistance may be provided in the form of loan restructuring to reduce the payment amount or extending the payment term.
In addition, our Lending Center team is standing by to help any member that may benefit from a personal loan or refinancing an auto loan with another lender. Our ability to cut your auto loan interest rate to as low as 1.99% APR, along with skipping payments for up to 90 days, can provide much needed help during this time.