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Funding Your Future: What to Do in a Financial Hardship

Posted at 2:45 PM, Jan 30, 2019
and last updated 2019-01-30 16:45:20-05

Everyone depends on a paycheck; we have responsibilities from paying our rent or mortgage to buying groceries. Most of us never have to worry about not receiving a paycheck. Unfortunately, others aren`t as lucky. Most recently those who have been affected by the government shutdown have had to seek help from other sources in order to make ends meet. David Sant, Chief Marketing Officer of Cyprus Credit Union, stopped by to offer some tips for dealing with this type of uncertainty.

Talk to Your Financial Institution
The first thing you should do is speak to a representative at your financial institution. It may seem like there is nothing they can do to help you, so it would be a waste of time. This couldn`t be further from the truth.
• Often times, banks and credit unions may offer extensions on your loans so you don`t get sent to collections.
• Many institutions have financial advisors that will work with you for free to help you make the most of the money you have left.
• For the government workers affected by the shutdown, many financial institutions including Cyprus Credit Union offered special loans or interest rates to help these workers.
You would be surprised what your financial institutions will do for you, all you have to do is ask.

Make Budgetary Adjustments
One of the most important things we can do financially is create and stick to a budget. When financial hardship hits, it becomes even more important.  If you already have a budget, take a look at the things you can sacrifice for a short time; that might be sacrificing your entertainment budget to help pay rent, or buy groceries for the week. If you don`t have a budget, start one and stick to it.

Avoid 'To Good to be True' Solutions
Unfortunately, there are people out there looking to take advantage of anyone they can. During times of financial difficulty, we might be especially vulnerable. Be especially careful when looking for signature or title loans. Some companies offer specials that sound amazing and they end up causing more harm than good with exorbitant fees or interest rates. Carefully consider all of your options before applying for any type of loan to supplement your income. If you have decided to apply for one of these loans, make sure to read all of the terms and conditions before signing.

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