Anxious to take action, but uncertain what the right moves might be? Here are a few things that are always a good idea for your financial future, but especially during this time of uncertainty.
Manage Finances Anytime, Anywhere with Digital Banking
Building relationships with our members over the last 60 years is one of Orion’s proudest accomplishments. Our team is always there to offer friendly service for any of your financial needs, but as many people are encouraged to stay home right now for the sake of public health, there has never been a better time to make sure you feel comfortable using Orion’s digital banking tools.
Without leaving your home, you can securely pay loans, check balances, transfer money, and more using Orion’s Online Banking and the Orion FCU Mobile App. Through the app, you can also make mobile check deposits and quick person-to-person (P2P) transfers.
We know many people are anxious to get back to their local branch – we’re ready to see you in our lobbies, too! But understanding your options at home will give you peace of mind and convenient access to your accounts anytime, anywhere.
Click here to log into online banking.
Click below to download the Orion FCU Mobile App.
If you have any questions about online banking or the Orion FCU app, click here to contact our Digital Banking team.
Assess Spending & Savings
If your savings isn’t enough to prepare you for a crisis right now, take comfort in knowing that you are not alone. Studies show that over half of Americans don’t have enough savings to cover $1000 in unexpected expenses. It can be difficult to part with your money and put it toward a savings account, but every dollar counts and it’s never too late to begin.
Overwhelmed by how much to save and spend? The 50 / 30 / 20 rule is a good place to start – spend 50% of your take-home pay on needs, 30% on wants, and put 20% aside for savings. Take time to thoroughly evaluate your wants category during these uncertain times.
This is also a great time to review your expenses from the last month or two and look for non-essential expenses that you could eliminate. Look for recurring charges or subscriptions, ordering takeout, or other conveniences you might consider pulling back on in order to put more money aside for a rainy day (or a global pandemic). Take stock of which expenses are truly improving your life, and which you might be willing to exchange for the comfort of a well-funded savings account.
Orion’s Money Desktop tool, available through Online Banking, lets you break your spending down into categories and track them individually over time.
Consider Refinancing Debt
Have you looked at the interest rates on your loans lately? Refinancing an existing loan can lower your monthly payments and save you money over time, sometimes hundreds or thousands of dollars a year over the life of your loan.
While closing costs do factor into refinancing, with interest rates at record lows, it’s worth looking into whether the long-term benefits would outweigh the immediate cost if rates are 1-2% below your current rate. Refinancing can apply to a mortgage, auto loan, student loans, or other debts. If you’d like to research refinancing options for your home or other debts, click here for a helpful list of calculators that can help you prepare.
Click here to see Orion’s current rates on home, auto, and personal loans.
Stay Confident in the Security of Your Finances
Orion is dedicated to keeping your hard-earned money safe. Our team works to protect your assets both in the branch and digitally. Using your Orion credit or debit card to make transactions online or over the phone is a great option during this time, as many Americans are staying home for their health.
You can also remain confident that your assets are safe at Orion, a federally-insured credit union fully backed by the NCUA (National Credit Union Association) up to $250,000 per account and depositor.
Even when things feel beyond our control, taking small, manageable steps will slowly but surely help build your financial path forward.