4 Tips for Recession-proofing Your Finances with a Las Vegas Credit Union
The COVID-19 pandemic blindsided most Americans. Those who have already taken steps to shore up their finances are likely to weather the economic downturn just fine. However, this pandemic has had a huge financial impact on many. Fortunately, it's not too late to start taking steps to recession-proof your life. When you join our Las Vegas credit union, our experts will help you take these financial steps.
1. Tighten Up Your Budget
The most important thing you can do right now is to take control of your spending. If you're not already tracking your budget, start today! Once you have a solid idea of where your money is going, you can look for places that you can make cuts.
2. Pay Down Your Debts
Do your best to scale down the amount of money you owe so this doesn't happen to you. Paying off your debts is your best option. However, if you can't do this, consider consolidating with a fixed-rate personal loan through CCCU or another low-cost lender. Reducing your monthly payments will reduce the chances that you'll default on loans and hurt your credit score.
3. Pad Your Emergency Fund
If you haven't done so already, open up a savings account at Clark County Credit Union. Then, put away as much as you can each month. Make sure this account is separate from your regular spending account and designate the money only for emergencies. This will help ensure you're prepared for those times when the unexpected occurs. Opening your account with a Las Vegas Credit Union will also help you avoid losing your hard-earned money to high bank fees.
4. Build Your Credit Score
When you have a great credit score, you'll enjoy benefits ranging from better car insurance rates to less expensive loans. If you don't already have a credit card, check out the options at CCCU. Opening a new credit account, charging a small amount each month and making your payments on time is a great way to build up your credit score.
Get Started Today!
It's not easy to get your finances in order when the economy is already so unsteady. However, our Las Vegas credit union has many options to help! Contact us today at 702-228-2228.