As we continue to see COVID-19 cases in Maine and are encouraged to keep practicing social distancing, a lot of people are worried about what impact this will have on their finances. Whether you’re concerned about how you are going to keep saving or if you’ll be able to pay all your bills, here are a few tips to help you feel more at ease.
Apply for cPort’s fee-free Skip-A-Pay
If you can’t make a bill payment, our fee-free Skip-A-Pay may be a good option for you to consider. This program allows you to skip payments for up to three consecutive months and pay later, with no added fees. To see all the terms & conditions or to fill out a form to apply click here.
If you are uncertain that you will be able to pay your credit card bill on time or in full, you can always reach out to creditors to see if they are offering hardship concessions for those impacted by COVID-19. Many utility companies are also aiding those impacted by the pandemic by not implementing shut off procedures and waiving late fees. If you are stressing about money, it’s important to know what resources are available to help get you through these challenging times.
Create an even leaner budget
Having a budget in place is a good way to track your daily, weekly or monthly spending habits. If you are uneasy about your finances, sometimes putting an even leaner budget in place can make all the difference. To do this, you’ll need to take a look at your current budget and see what things you are willing to compromise on. Maybe it means cutting out one of your streaming services or not indulging in your favorite take out as often. The key is to find additional savings and reduce your overall costs! Take a look at our blog post that shows you how to create a budget using tools in cPort’s eBanking platform.
Consider Refinancing your home
Mortgage rates are hovering around record-level lows. If you need to find ways to reduce your monthly payments, now might be a good time to reconsider refinancing your home loan.
A 30-year fixed-rate mortgage averaged 3.31% during the week ending April 16. A year ago, the 30-year fixed-rate mortgage averaged 4.17%. A 15-year fixed-rate mortgage was as low as 2.80%.
If these low-interest rates are significantly lower than the rates you’re currently paying, now may be a really good time to refinance. Refinancing your home mortgage can lower your monthly payments and save you money over time. You might be surprised how much money you’ll save right away as you shrink that monthly payment with a better rate.