Six Ways To Manage Your Debt

Ouch. Is your budget feeling pinched? If so, you are not alone. Two-thirds (66%) of Americans live paycheck-to-paycheck, while one-third (33%) do not have an emergency fund (savings to cover three to six months’ worth of expenses). If you are one of the 42 million people whose Federal Student Loan payments are starting up again after a three-year pause, there’s no wonder you are burdened with a tightening budget.

Whatever you’re feeling about your financial situation, take a deep breath and know that Honor is here to help you with real solutions! Here are six ways to help you manage your debt.

Budgeting

We recommend your first step in managing your debt is budgeting. A simple budgeting worksheet helps you break down your essential expenses so you can see where your money is going. From there, you can redirect your spending, if needed, to cover the essential items, including paying down your debt.

Remember, even though paying down debt is critical, financial experts say you must allocate money for some fun every month so you don’t give up on your budget plan.

Skip a Loan Payment

There are times when an unexpected expense can make even one loan payment feel impossible. We hear you! That’s why at Honor, our Skip-A-Payment program allows eligible members to skip their next Honor loan payment giving them some breathing room to catch up with an unexpected expense.

LEARN MORE: Check here to learn more about skipping a loan payment.

See the Whole Picture

Seeing all your account information, including your accounts at other financial institutions, in one place is crucial for understanding your real financial picture. Providing that holistic view is exactly what MoneyMap does for you.

LEARN MORE: MoneyMap is a free money management tool within online banking and mobile app.

MoneyMap categorizes and tracks spending while even letting you create custom budget and debt management plans. Did we mention this is completely free to Honor members?

Get Expert Advice

Our team is here to help! Visit your nearest Honor Member Center or call us at 800.442.2800 and an Honor team member will lend an understanding ear about your financial situation.

Then, they will provide expert-level advice about the best resources to help you, including some you may not have thought possible, like consolidating your loans or a balance transfer to lower your interest rate on credit card debt. Honor is here to help and get your finances on the right path.

Educate Yourself

Learn more about all things financial and win rewards at the same time. ZOGO Financial Literacy is a fun, interactive app for adults and kids 13 and older. The more you play, the more you learn the ins and outs of financial wellness.

LEARN MORE: Download Zogo for your Apple or Android device today!

Not only are you learning about finances, but you are earning points redeemed as gift cards. Share the app with your friends and get more rewards. Learn and earn! It sounds like a win-win to us!

Seek Support

Honor is serious about financial wellness, so we partnered with GreenPath Financial Wellness to make their valuable resources available to all our members.

They have trusted financial counselors ready to work with you one-on-one. Over the phone, they can help you manage credit card debt, consolidate multiple loans, assist in choosing the best student loan repayment option, bankruptcy assistance, and more! There is also an online interactive learning lab to teach you new tactics for managing your finances.

LEARN MORE: Take advantage of a free call with GreenPath to see how they can help you!

Financial wellness can feel out of reach when you’re in a tough place with your finances. Let Honor Credit Union help you find the best solution to your financial needs. Once you get your payments in a manageable place, it opens the door to financial freedom.