Money Matters

Your Credit Union Newsletter

Financial Triage during a Financial Crisis


With reports of COVID-19 and protests dominating every media outlet, there is no doubt there is a lot on your mind. You may also be worrying about how to weather the financial storms that you may be experiencing as a result of this public health crisis.

Your Credit Union wants to let you know that we are here to support you during this time.

Firstly, where possible and safe to do so, we are opening branches for in-person service. Some of these have modified hours, so please check before visiting. If you prefer personal service at arm’s length you can also schedule phone appointments at your convenience.

Secondly, we want to provide some helpful tips to those who are experiencing financial hardships associated with the current economic situation:

  1. Calculate your financial runway. How much money do you have? How long will that last? How much work (unpaid) will you or someone else in your family be missing? What bills are coming up? What is the financial gap?
  2. Prioritize your payments. Housing and related bills should be top of your list say the experts. Next comes utility bills, like water, sewer, electricity, and gas. Most other payments can be put on the back burner, including back taxes, medical bills, and even federal student loans, which won’t need to be paid until October 1. But if you CAN pay your bills, you should. Experts say that you may just be pushing out the problem.
  3. Look into solutions that will help you with temporary relief and an increase of cash flow during this temporary setback, (skip-a-pay, loan extensions, loan modifications, low interest loans for disaster recovery, waived fees, etc…). Reach-out to creditors/lenders to seek temporary relief too. Your Credit Union is a great source of advice and support. See all the ways we can help by visiting our COVID-Relief page.
  4. Here are a couple of articles that may be helpful too.
    What to do if your income is reduced?
    Five Easy Ways to Cut Monthly Expenses
    How to Protect Your Credit During the COVID-19 Crisis

Every time we see a crisis like government shut-downs, hurricanes, tornadoes, fires, or in this case, a virus outbreak and social unrest, the financial fragility of American’s is brought into the light for discussion.

Helping those we serve get from barely surviving to financially thriving is our collective goal! If you are not prepared for this sort of financial setback, we hope this information can assist you in moving forward. As you recover, don’t forget to plan ahead for the future.

Our hope is that we can keep the “Financial Health” conversation alive every day, not only in times of emergency. And, a great way to stay on top of your finances is getting a “second opinion.” Your Credit Union offers a free, no-strings checkup—our Financial Wellness Check. This relaxed review of your finances finds low-hanging opportunities to grow wealth and lower costs. While also identifying common but damaging financial pitfalls to avoid.

This article was developed in partnership with Balance Pro.

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