The coronavirus pandemic has put a strain on the world’s economy. Some places have unemployment rates around 8 percent. Luckily, Southwest Missouri has a lower unemployment rate at around 5.5 percent, even lower than the statewide rate.
Lots of people are out of work and struggling to make ends meet. Yet you can still save money during lean times so you can utilize that money for an emergency. Foundation Credit Union explains how to save money when times are tough (like during a pandemic).
Prioritize the Four Walls
If you’re struggling to pay your bills, prioritize your Four Walls first. These are the things you need to survive.
The Four Walls represent:
- Food
- Shelter
- Transportation
- Utilities
When you make a budget, you must take care of these essentials first. If you can, try to make these essentials less of a financial burden. For example, lower the thermostat in your house and wear warmer clothes. Rather than take the car to work, take the bus or ride a bike.
Renegotiate Your Bills and Loans
Many creditors and companies will work with you to renegotiate payments, defer payments, or make payment plans. Talk to your creditors to see what you can do. Consider refinancing car or home loans to see if you can get a better rate. Foundation Credit Union can help with competitive auto or home loan rates.
Seek Out Temporary Work
You can always earn extra income with temporary work. This may mean less time with your family if you already have a full-time job, but it’s just temporary. Many places have work-from-home options if you have a computer and internet access. Southwest Missouri has a diverse economy, so you might find job openings in health care, manufacturing, transportation, or service industries.
Liquidate Unnecessary Stuff
Yard sale! Consider liquidating unnecessary stuff that you no longer need or use. A yard sale is a great way to make extra cash. Consider leveraging your social media network to find people who might be interested in some of your items. Every dollar you save is worth it, so it’s important to think of creative ways you can add to your savings.
Open a Savings Account at Foundation Credit Union
Opening a savings account at Foundation Credit Union is a great way to protect your finances when times are tough. Our friendly staff can help you set up an account. Contact us or call 417.895.2770 for more information on savings accounts through Foundation Credit Union.
