It’s an uncertain time for many of us, and when it comes to finances MMCCU is here to help. Proactively trimming expenses whenever possible is helpful during this time period.
Earlier this month, Governor Evers issued an Executive Order that prevents forceful evictions and foreclosures for 60 days to allow for time to find a way to manage those expenses during COVID-19. This may help expenses in the short run, but try to save up enough money to make your next payment on time. If you are unsure you can make your payment, try talking to your landlord or manager of the property where you live.
Here are our top financial tips to help you minimize expenses during the COVID-19 pandemic:
- Managing subscriptions: Over time, there may be numerous subscription platforms you’re signed up for, like Netflix, Hulu, Disney+, Pandora, and Spotify to name a few. Are you and your family using all these services? Now may be a good time to decide which streaming subscriptions you truly use and which ones you could eliminate.
- Internet/Cable options: Are you paying for the most robust Internet and Cable package available? Would you save money by swapping out cable for one or two streaming services? Contact your cable provider to determine what options are available to cut your bill.
- Amazon Prime: Two-day delivery and access to millions of items at your fingertips is awesome, but it can lead to unnecessary purchases. Reconsider your Amazon Prime membership to save money and to put some extra thought into whether you truly need to make that next purchase.
- Cell phone plans: With many people working from home or out of work, you may not need the robust data plan if you’re using your home’s Wi-Fi connection the majority of the time. Check with your cell phone carrier to see what options are available.
Our members also have options available to them, including:
- Car refinance – This is an ideal time to research refinancing your car payment. If your car loan is currently at a different financial institution, see if MMCCU can offer a lower rate option. Our lending team can help determine what’s best for your situation. More info.
- Relief Program – Due to the COVID-19, we are offering a Member Relief Loan to assist our members needing help during this unprecedented time. More info.
- Mortgage Refinancing – Interest rates are fluctuating, but it might be a good time to see if you can lower your monthly mortgage payment. Contact our lending team to see what’s right for your situation. More info.
- Deferment Options – Contact your lender to ask about deferral options available. Deferment allows you to delay loan payment. More info.
- Saver Sweepstakes® – Saver’s Sweepstakes® share savings accounts are designed to help individual credit union members save while giving them chances to win statewide cash prize drawings. More info.
As always, if you have any questions, we are more than happy to help! We’re here to serve YOU and your family, so please reach out if you need anything!