Staying on top of your finances and credit can be overwhelming as is, but when you add a global pandemic and economic crisis to the mix, it can be extremely overwhelming. Here are three tips to help you navigate your financial situation and find your new normal during these times.
Look at Your Debt
If you are among the millions of Americans who have unfortunately lost their jobs or are expecting a loss of income, stick to making the minimum payment on your lower priority debts for now.
When you pay the minimum, you’ll keep up to date with your accounts, and your credit score will remain more on track. You can also consolidate your debt into a lower interest rate loan. RMLEFCU has competitive rates for our loans. Contact us to find out more!
Find New Routines
Although the stress of a global pandemic may make you run to material comfort, you should keep your money in your pocket instead of spending it on new belongings. In times of tension, we’re all looking for something comforting and the sensation of spending can be something we turn to.
Instead, consider little rituals that will bring back routine and a sense of calmness to your life. Find new ways to feel satisfied and comfortable at home, such as studying, artwork, new hobbies, or talking to a friend.
See New Opportunities
Pre-pandemic, you may have made totally different financial decisions than those you’re making right now. See this as an opportunity to take a more active role in your financial life and create positive habits.
Start by creating a budget for yourself. When you’ve got a hold of your monthly spending, take out your credit report and see where your credit is. Keeping track of these things will help guide you to a better financial situation.
RMLEFCU is here to help you with your financial needs. Your membership includes a free financial advisor and plenty of low rate loans for you to refinance into. Contact us at 303-458-6660 for more information.