During this unprecedented time of economic standstill, local families and small businesses are struggling. Essential Federal Credit Union is helping our neighbors in the Greater Baton Rouge Area weather this invisible storm.
“We know that Essential is only as strong as the communities we call home and when our neighbors are struggling we help in every way we can.” said Essential President and CEO Richard Williams.
For our local families, the team at Essential has put together this list of financial tips:
Maintain a Budget – Establish a budget before you receive your “tax rebate” check. A good budget will help you stay on track, plan ahead and ensure you are using the funds to help establish financial stability.
Ask Questions Before Skipping Loan Payments – Most lenders are allowing borrowers to ‘skip’ payments on loans for up to 90 days. In most cases, this is extending the term of the loan while accruing interest; which means borrowers end up paying more interest. ‘Skip’ programs are good in an emergency situation as most of these programs will not effect your credit score.
Start Emergency Savings – In a time of a pandemic, it is essential to prepare and save for future events. A good emergency fund would include saving three to six months of expenses. This might not always be practicable, however, you should aim to meet this standard. Get started by saving some of your “tax rebate” check.
Credit Score Management – Don’t borrow money you do not plan to pay back and ensure you are able to make monthly payments for your current financial obligations. If you cannot afford your payments, contact your lender. This will help maintain a healthy credit score which will help you in the future.
For more information visit Essential online or call at 1.888.369.2207