Times of uncertainty are not the moments to make rash decisions – especially regarding your financial future.
Kansas City Credit Union is here to guide you in protecting your personal finances and to offer you financial peace of mind. Here are some quick tips on how to make the best decisions for your financial stability.
- Back to the Basics: Budgeting
One of the best pieces of financial advice is simply to live within your means. Wise budgeting will include a small splurge here or there, but plan for it! Make sure to set aside money for savings, emergency funds and all the bills first; cut unnecessary subscriptions and keep an eye out for ways to be frugal in your shopping (for example, not purchasing name-brand items when there are cheaper options of the same quality). Trimming your spending is a quick way to safeguard your savings and protect your personal finances as we likely face an economic setback.
- Hold Your Horses on Investment Decisions.
With the stock market on a current decline, it can be tempting to panic and sell out to prevent further loss; don’t fall prey to this anxious mentality! Financial experts recommend sitting tight as the economy will recover fairly quickly. The national and international economy will take some work to set straight, but financial professionals are hopeful that individual business sectors will begin to grow soon after the outbreak clears.
- Consider a refinance
Refinancing your mortgage or loans at lower interest rates can free up a little space in a tight budget; this move will help with month to month costs, especially in the event of a layoff or a salary cut. Do keep in mind that this financial move is not without its consequences so be sure to consider all options carefully and crunch the necessary numbers. Kansas City Credit Union is currently offering both a mortgage refinance and an auto loan refinance offer. Click here to learn more.
- Physical Wellness is Your Priority.
Care for yourself and your family first. Don’t sacrifice your physical health in the pursuit of financial success. If you feel unwell – especially if you show any symptoms of COVID-19 like fever, shortness of breath, and a dry cough – please speak with a doctor. Don’t ignore signs of illness in an effort to stay ahead financially; this will only tax you in the long run.
Visit the doctor when necessary; take time to look into the best health and life insurance policies to protect yourself and your family. If you don’t take the rest and precautions your body needs, it will come back to bite you causing further illness or setbacks down the road.
Additionally, you should know that President Trump has required all companies to grant two weeks of pay to employees who have contracted or been exposed to the Coronavirus. Look into what this offer could mean for you.
- Use Kansas City Credit Union as a resource!
We’re here to help! KCCU couldn’t be more thrilled to offer our knowledge and expertise for your advantage! From understanding your loans to considering a refinance, we can’t wait to help guide you through making the best choices for your financial security. Contact us today to start on your path to financial freedom and peace of mind!