You've Been Furloughed? Do These Things Today to Protect Your Financial Future
There are few things worse than not knowing where your next paycheck will come from. If you've been furloughed due to the COVID-19 pandemic, you're not alone. The Economic Policy Institute estimates nearly 11% of the workforce is out of work with no reasonable chance of getting called back to work.
While this is a scary time full of uncertainty, there are a few moves you can make right now to help secure your financial future, and Clark County Credit Union in Las Vegas can help. These four tips will help you get started.
1. Apply for Unemployment
If you haven't already done so, you'll want to apply for unemployment benefits right away. As part of the $2 trillion CARES act, the federal government is now giving an additional $600 per week in unemployment benefits through the end of July.
While this won't completely replace your paycheck, it's a start. With so many people filing claims it's taking longer than usual to receive benefits, so make sure you do this as soon as possible. If you don't already have a checking account, remember that Clark County Credit Union in Las Vegas has very inexpensive options.
2. Review Your Numbers
It’s important to get a solid idea of your financial numbers. This includes how much income you have coming in and your expenses. Also, split your expenses into "mandatory" (things you absolutely must pay, like your electric bill) and “discretionary” (things you could cut back on, like dining and entertainment).
Need some help? Take a look at this handy Budget Calculator, courtesy of Clark County Credit Union in Las Vegas. It’s super easy to use!
Also, take a look at the fees you're paying. For example, you can cut some costs by moving from an expensive for-profit bank to a credit union in Las Vegas, like CCCU.
3. Contact Your Lenders
If you think you won't be able to pay your mortgage, car payment or other liabilities, don't hide your head in the sand and hope it will go away! Instead, contact each of your lenders and see if they're willing to work for you. Clark County Credit Union in Las Vegas is offering loan modifications to help our clients avoid home foreclosures, and many other institutions are as well.
4. Avoid Withdrawing from Your Retirement Plan
When money starts to get tight, you might think of your retirement nest egg as a place to get some fast cash. However, this is rarely a good idea. Taking withdrawals from these accounts now will have a negative effect on your long-term financial future.
Learn How Clark County Credit Union in Las Vegas Can Help
Are you looking for a credit union in Las Vegas that will be there for you when you need it? At Clark County Credit Union in Las Vegas, we're doing everything we can to assist our members through this tough time. Contact us today to learn more about the many ways we can help and why a credit union in Las Vegas is always a great option.