A Wake-Up Call From the Shutdown
You may not be a government employee, but the recent 35-day shutdown, has brought to mind one question for many: "Could I afford to go over a month without a paycheck?" If the answer to that question is no, you're in the majority.
While the shutdown caused incalculable consequences for many workers, it also served as a wake-up call to those not directly affected.
How prepared are you to miss a paycheck?
With 40% of Americans not able to afford a $400 emergency expense, it would be even more difficult to cover a missed paycheck. Here are some things you can do that will help you be ready for the unexpected.
Whether you are financially comfortable or living paycheck to paycheck, it's important to have an emergency fund. Try and make sure you put your money in a separate savings account, so you aren't tempted to spend it on everyday life. BECU savings accounts are not only NCUA insured, but the money in your savings account earns you interest, so you'll have even more money to put towards emergencies. With BECU, you can even set up an automatic savings plan.
Certificate of Deposit
Temporarily holding off on spending while you build up some savings can help in times of unexpected need. One way to expedite this process is by opening a Certificate of Deposit, also known as a CD. A Certificate of Deposit is like a savings account that locks your money in at a fixed rate for a set amount of time. The result is an account that earns you more on what you have set aside.
Financial Health Check
Did you know as a BECU member, you can receive personalized, confidential, one-on-one coaching from a BECU financial health specialist? The best part is, the Financial Health Check is free!
Financial health specialists will guide you through a variety of financial topics, including:
- Professional guidance about how to stick to a budget
- How to increase your savings
- How to reduce your debt
Schedule your financial health check today!
If you were affected by the government shutdown, BECU is committed to the credit union philosophy of "people helping people," and we are here to help. Visit our Member Assistance Program page to learn more.