The Covid-19 pandemic has left many of us feeling fearful about the risks to ourselves and loved ones. Even more so, it makes us anxious to think about what implications it will have on our financial future based on jobs, everyday life and income.
As a credit union, we have our members’ best interest at heart. Therefore, we’ve put together some ideas that would encourage you to pay extra attention to your financial wellbeing during this pandemic as well as for the future.
1. Think about your financial goals – you can use the Money Skills App tool to add your goals.
2. Open a savings account with us – have a look at our range of savings accounts that can suit your needs here.
3. Set up a standing order to transfer money into your savings straight after each payday.
4. Visualise the holiday that you are saving for and decide not to buy one item today and instead put it towards one of your goals.
5. Review one of your payments such as your mobile phone bill or car insurance quote and try and reduce it. For example, try and use price comparison websites where possible.
6. Take a challenge and buy your weekly shop as cheaply as possible – make a shopping list and stick to it. Look out for offers and/or vouchers online.
7. Set or review your budget via the Money Skills app – by setting a budget, you’ll know how much you can spend and where you can save money.
8. If you have an expensive debt or payday loan, talk to us, M for Money Credit Union, about taking out a cheaper loan.
9. Be aware of loan sharks. Read Hertsavers Credit Union’s tips on how to spot a loan shark here.
The Money Skills App can help you set and manage all your goals and budget therefore helping your financial wellbeing during this period. Download the free app today.