Savings

Financial Wellness Checkup

As schools, restaurants, and many other businesses close or experience a reduction in staff due to the Coronavirus outbreak, many employees could begin to feel the impact of this unexpected disruption on their paycheck. Baptist Health Federal Credit Union is encouraging members to review their budget and spending habits to prepare for any financial impact the Coronavirus may have on their finances.

“We are focused on the financial well-being of our members and want to offer some tips to help,” stated Mike Gorman, President/CEO of Baptist Health Federal Credit Union.

Tip #1

It is important to have emergency savings set aside to weather unexpected emergencies and avoid falling into debt if you have a disruption in income. Typically, it is recommended that you save somewhere between three to six months of expenses in your emergency fund.  If your emergency savings is not quite where it needs to be, don’t panic. Here are some ways to help build it up quickly.

  • Expecting a tax refund? Plan on adding it to your emergency savings.
  • Receiving unexpected money? If you receive a bonus, birthday gift or other refund, be sure to add to your savings.
  • Spending less than normal? Spending less on gas, nails, hair, gym membership or eating out? Simply transfer the amount you would be spending on these things to your emergency savings.
  • Automate your savings. Figure out how much you are able to save each pay period for your emergency fund. Then set up an automatic transfer or direct deposit right from your payroll or checking account to an account at your Baptist Health Federal Credit Union.

Opening an account is quick and easy!  You can start with as little as $5! Apply today or call us with questions at 501-202-2373.