Keep Your Finances from Becoming Scary

Oct 4, 2021, 15:54 PM
Debt Vampires. Don't let debt suck the life out of you!

Hopefully, you’re more spooked by jack-o-lanterns and Halloween movies than your finances this season. If you avoid reviewing your bills and feel like a lost mummy in your financial situation, Metro's Save and Succeed has a guide to everything you need to know about managing financial stress.  You can bury your broken-down car, your multiple debts, and that apartment lease with the help of Metro Credit Union.

Control Your Finances

These five steps will diminish your nightmares and make your finances look less scary.

Think Long-Term Budgeting

One of the best ways to reexamine your financial situation is to think about long-term goals. How are you doing on saving for retirement? Do you feel good about your career path? Could you be making changes to either? You don’t need to rely on magic spells - making small proactive changes for long-term goals helps you feel less anxious about your future and finances altogether. Part of planning for a secure financial future is understanding the financial goals you’d like to achieve throughout your life. Take this free Save and Succeed course about saving for goals.

Use Fast Fixes

Your fast fix could be calling your student loan servicer and asking for an income-driven payment plan or securing that your rent is paid, even if it means borrowing money from a friend. Other quick fixes may be asking for an extension on a utility or a cable bill while you reorganize your finances. You can ask about reducing expenses by negotiating rates for cable or cell phone costs for future bills. Be a zombie slayer and take the free Metro Save and Succeed course about getting out of debt and avoiding it in the future.

Consider Your Long-Term Career Path

Sometimes, the problem with your budget is not having or making enough money. If this is the case, it is time to look at your career path. You don’t need to become a mad scientist overnight; Metro's Save and Succeed has career development resources. You can also connect with career services offices within colleges and universities are great resources to look to even after you graduate. You can also talk to your supervisor or human resources department about career advancement potential. If your current budget and the money you need don’t match up well, it may be time to consider a part-time job in addition to your current one if there isn’t an opportunity in the near future to make more from one job. 

Make Small Budget Changes

Budget changes do not have to be huge. Start with your utilities and try to negotiate costs. Also, consider what you could do to lower costs on your own. Could you save money by turning off the lights when you leave the room or adjusting heating or cooling temperatures? Comparing insurance rates with other providers and switching can also save you money. As far as entertainment and eating out, you may consider using coupons or reducing what you order, like skipping on an appetizer or fancy drink or sharing an entrée with a friend. You can still live large with a budget on a moderate income similar to The Addams Family, just being a little less creepy and kooky.

Meet with a Financial Professional 

You can meet with a personal banker (don’t worry, they don’t turn into werewolves) at your credit union to discuss your credit and basic finances for free. Read more about what a credit score is and how you can increase it. Also, talk to your human resources department about the availability of financial wellness programs, retirement plans, and other money-saving benefits. Debt can suck the life out of you like a vampire. Let Metro Credit Union help you combine multiple bills into one, lower interest rate with a debt consolidation loan. Making the minimum monthly payment on many high-interest credit cards can take several years before you see the light at the end of the tunnel.  Metro's Debt Consolidation loan allows you to combine multiple bills into one monthly payment.  Best of all, you may qualify for a much lower interest rate than you’re currently paying.  Save money, pay less interest, lower your monthly payment, or pay your debt off sooner.

Metro Credit Union in Omaha, Nebraska

If you currently have an auto loan, consider refinancing your car loan with Metro and pay less interest. We will also use our resources to determine if you are paying a fair price for a new or used vehicle, whether you are getting the maximum out of your trade, and determine if your loan rate is competitive. Metro Credit Union is your local advantage serving over 43,000 members, and today Metro has expanded to serve everyone who lives or works in five Nebraska and three Iowa counties.

Metro Credit Union- Your Local Advantage ®