Facing a financial hardship? Here are the steps you can take!
posted on Monday, October 25, 2021 in Financial Tips
Whether it’s a job loss or unplanned expense, financial hardship can strike when we least expect it. When the unexpected happens, there are resources and tools available to help you through these tough times.
Here are some steps to help minimize the effects of financial hardship:
1. Contact your creditors
First, try to protect the essentials – shelter, food, heat, lights, transportation. If you’re concerned about paying all of your bills right now, you could also temporarily pause automatic payments you previously set up with companies. But remember to communicate with those service providers if you’re unable to pay your balance in full. Most credit unions, banks, insurance companies, mortgage lenders and credit card issuers are willing to work out arrangements to help you remain in good standing.
2. Evaluate your automatic payments and transfers
If you take advantage of auto transfers or payroll distribution with C1st, you could temporarily adjust those as well. Maybe you’re automatically setting aside money in a C1st savings account, but your budget is tighter now. You could temporarily reduce the amount you’re setting aside each time. If you adjust your auto payments, transfers, or payroll distribution, set a reminder for yourself to reevaluate your budget in a few months and determine whether you can resume your money strategies again. To adjust to your auto transfers or payroll distributions at C1st, contact us at 866.360.5370 or email email@example.com.
3. Evaluate other expenses
If your income has decreased, you might find some simple places to cut expenses. Here are some questions you can ask yourself to uncover ways to spend less:
Do you pay for cable or satellite services?
How many streaming services are you subscribed to?
Can you find a less expensive phone plan?
Are you eating carryout instead of making meals at home?
Can you cut food expenses even more by buying groceries in bulk and on sale?
How often do you use all of your monthly memberships?
How much do you spend on gas and electricity each month?
4. Take advantage of our Skip a Pay Program
When you just need a little extra cash in your pocket, skipping your next loan payment could be just the ticket to get you ahead. C1st's digital Skip a Pay feature allows members to skip a monthly payment on a qualifying loan as long as certain program qualifications* are met.
Community 1st Credit Union is ready to help and support you however we can. Each situation is unique, and we’ll work to deliver a personalized solution to best help you. Please reach out to us at 866.360.5370 or email firstname.lastname@example.org.