Due to COVID-19, the United States government is issuing payments to qualifying citizens to help rekindle our economy and ease the current pandemic's impact. Did you effectively use your April payment? Following these steps can help you start the new year right and recover from this ongoing worldwide issue.
Have you fallen behind on your payments for necessities like housing, utilities, or transportation? One of the most important keys to becoming financially responsible is being able to manage these expenses well. Receiving this stimulus can help you get your loan back to its current status and even start an emergency fund. Want to make it harder to fall behind on these payments? Creating an emergency fund can cover the essentials in instances like layoffs, closures, or employment loss. It is recommended to have at least three months of your expenses to fall back on. With the current worldwide issues, an emergency fund is certainly a good idea.
Confident your emergency fund could keep you afloat if tragedy hits? There is another way to use your stimulus to improve your situation financially. Are you in debt? This lump sum of money can help you make overdue payments or make an extra payment that will save you money in the loan's overall life.
Have a handle on your finances? Use this payment to develop more financial security for your future. Don't let this money sit in your account or your mattress. Make it work for you by investing it. Visit p1fcu.org/investments for more information on our P1FCU Investment Services.