Protect Your Budget
by: Chris O'Shea
The coronavirus has hurt the nation’s economy and it has likely impacted your finances as well. While a recession is out of your control, you can take steps to tighten things up at home. Here are some tips to recession-proof your budget.
Add Up the Necessities
Go through your budget to see exactly what you need to cover the essentials. Your expenses might vary, but they likely include things like mortgage or rent, utilities, auto and health insurance, gas and groceries.
Now that you know exactly what you need for your “must pay” expenses, it’s time to trim the fat from everything else. If you’re not using a subscription service, cancel it. See about pausing your gym membership until the pandemic fades away. Cut back on ordering takeout. While it’s fine to keep some fun expenses, you want them to be few and far between.
As Cnet reports, many companies are offering pandemic-related relief. Take advantage of that aid. Call utility companies, credit card companies, student loan lenders and more to see what kind of relief they’ll offer. (Make sure to get it in writing and check that they won’t report you late on your credit report.)
Take whatever extra cash available in your budget and use it to fatten up your emergency fund. As always, you want this account to be able to cover three-to-six months of expenses. If you already have that amount, keep adding to it until things settle down. Don’t neglect your investments, but for the immediate future, your emergency fund should be a priority.
Paycheck Protection Program: Loan Forgiveness
Paycheck Protection Program Loan Information
The Paycheck Protection Program (PPP) was a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness on the SBA website.
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Governor Dunleavy Urges Alaskans to Take Immediate Action to Slow COVID-19
We at MVFCU continue to be dedicated to the health and safety of our Staff and Members. To reinforce our commitment to our member and staff the following are in effect and will continue until this pandemic is over.
* Social Distancing is recommended in our lobbies and other common areas of the Credit Union.
* Face masks will be worn by staff. Members are also encouraged to wear masks.
* Sneeze guards are in place at Teller stations and Member Services Representative desks.
* Increased cleaning with CDC recommended bleach solutions to common areas.
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