3 Tips to Manage Your Finances During COVID-19
BHFCU is helping members find the resources you need to move forward in changing times. Aside from economic assistance loans, payment modifications and Skip-A-Pay options, we want to provide you with tools to help you gain control of your money. Following are three tips to help you manage your finances through COVID-19.
- Assess Your Current Situation - Reassess your earnings based on any changes to your income and be honest about what your financial future looks like. List out the debts you have coming due and any additional income you have received such as a stimulus check or tax refund.
- Create a Budget and a Plan - Now that you know what you have to work with moving forward, it’s time to develop a budget and make a plan. The most difficult part of this process is getting started. To assist you with this budget, BHFCU offers a free Money Management Tool within our mobile app and online banking. Set goals, categorize your spending, create alerts and more.
- Contact Your Lenders - After reviewing your upcoming bills, you may identify some you are not able to pay in full. Make sure you are proactive about addressing these bills. Do not assume everyone will offer an extension due to the pandemic. Call your lenders, your student loan company or your credit card company. Many lenders are willing to work with you and offer payment modifications, but they need to hear from you and learn about your specific situation.