With COVID-19 impacting all of our communities—business closures, layoffs, financial insecurity across the country—what can you do to get your finances on the right track? How can you be a little more prepared?
At Dirigo FCU, we’re here to make sure our members feel financially secure with the choices they’re making and the services we’re providing. We’ve laid out a few easy steps you can take to be ready for any financial strain.
Build an Emergency Fund
The best advice we can give any of our members is to build an Emergency Fund. A 2018 study by Bankrate revealed that only 29% of Americans have the recommended three to six months of savings. And most Americans, one in four, have no savings at all, unable to cover any emergency expense that should arise. It may be easier said than done, but with a few guidelines, you can reach your savings goal and rest assured it’s secure with Dirigo FCU.
- Automate Savings
Start with $50 from every paycheck, if you can. Adjust your payroll settings to have it transferred directly into your savings account. Getting to that three to six months bar will still be hard, but with Dirigo FCU’s free Kasasa Saver®, saving is simplified. The account links to your free Kasasa Cash® or Kasasa Cash Back® checking, and you save money effortlessly.
When you earn cash rewards in your Kasasa® checking, those earnings transfer into Kasasa Saver. On top of that, Kasasa Saver pays up to 1.00% APY!
- Save Your Tax Refund
Each year we get a check in the mail—no it’s not a little bump from the government—it’s what you’ve put in for taxes and what the government owes you back. It’s money you worked for. But instead of splurging on a new must-have, consider adding your yearly refund to your Emergency Fund.
- Cut Back on Non-Essential Spending
Review your monthly bills and payments, and remove what’s no longer essential. Gyms, social clubs, free 30-day trials turned memberships—it can all go right now. Gyms and any social outings are not an option under a shelter in place order. And you’d be surprised how many free 30-day trials you forgot to cancel!
There have been recent reports of scammers taking the COVID-19 pandemic as an opportunity to make money off of the public’s fears and concerns. It’s essential to remain wary of faux virus cures, fundraisers, and phishing emails, as you would any other time. Many scammers are using emails that may look like they are from World Health Organization (WHO) or the CDC. The safest way to be sure is to check those websites.
Talk to Your Credit Union
We’re here to help you. Know that your money is secure with Dirigo FCU and is available to you whenever you need it. If you have questions or would like help with your Dirigo FCU accounts, feel free to call our Call Center at (207) 784-5435.