Some tips and resources from Latitude 32 Credit Union to assist during these uncertain times.
There is no doubt about it, 2020 has taken us all by surprise. Our financial present and our financial futures’ have all been turned upside down by the covid-19 pandemic, subsequent lockdowns, and ensuing financial hardships that have followed.
Our everyday lives have changed drastically and for many, so have their finances.
That’s why it’s completely understandable to be concerned about your financial future in these uncertain times. None of us have ever experienced something quite like this before, and there are still plenty of unknowns to add into the equation, making financial planning even more difficult.
That’s why our team at Latitude 32 Credit Union wanted to illustrate the resources available to you through your membership.
As you navigate your finances in the coming months, our team at Latitude 32 Credit Union is here to help.
Latitude 32 members can always come in for a complimentary consultation with a Latitude 32 Financial Advisor. Even if you are used to managing your financial planning on your own, you should consider setting up a session with our team.
We are experienced, member focused, and most importantly “on your side”! We will focus our efforts on providing the best insights and solutions to your financial needs, providing valuable perspective. Now, more than ever, you can find value in collaborating with an expert.
4 Ways to Solidify A Financial Plan
With all the uncertainty in the world today, setting and achieving a financial goal is something that you can control. A good financial plan is started with a solid financial goal. We suggest setting short term, medium term, and long-term goals and adjusting as needed throughout the process.
Unless you are currently tracking your spend and have a good sense of where your monthly cash flow is being allocated, it can be difficult to set a realistic financial plan. This step is what is proving to be the most difficult for our members during these trying times.
Income is uncertain, cash flow is sporadic, and predicting where it will be in a few months seems to be an impossible task. We suggest focusing on what you can control, your expenditures. Streamline your outgoing payments as much as possible and have a thorough understanding of what your spending on, its value, and if it can be consolidated during these times. The more you can trim now the better you’ll be in the long run.
The foundation of a financial plan is having cash for emergencies. We suggest if you don’t have any stored away now, that you start small. $500 is enough to cover small emergency expenses, so work towards that first. From there ensure you are setting goals, associated with your expenditures, and potential emergency costs.
We also suggest building credit as a way to protect against a financial emergency. Having a good credit score allows you to take a loan or use a credit card without paying overbearing interest costs and fees. Additionally, lowering your high interest debt frees up more monthly cash.
While these are just some basic suggestions to get you started on your financial plan, you can also count on Latitude 32 Credit Union to help in a wide range of other ways including:
We’re currently setting up consultations via phone. To schedule an appointment, call us at 843.556.4809, or visit us online at Latitude32.org.