SafeAmerica Credit Union

Financial Hardship

• By Lisa

Money Talk: 6 Family-Proof Financial Topics For Holiday Gatherings

He might be fictional, mean, and green, but The Grinch can also be a relatable figure during the holiday season when spirits are high (and holiday spending is higher). Personal finance is a triggering topic for many families. Festive gatherings—intended to bring people together—can quickly become the backdrop for Grinchy behavior when money enters the conversation. But with some creative questions (and mindful boundary-setting), finance doesn’t have to be a polarizing subject.

Here are six conversation starters you can safely steer towards if you don’t want your great uncle or next-door neighbor giving you the side-eye during dinner.

1. Financial Wins

Did someone in the family receive a promotion at work or a scholarship in 2023? Did you pay off your car loan or celebrate your child’s lucrative lemonade stand profits? It’s easy to associate finance with stressful periods in our life, but we should also acknowledge our positive money milestones (even the small ones).

Financial wins. Mother and boys with lemonade stand.

2. Gift Gab

Americans, on average, spend around $998 on gifts and holiday-related purchases. Keep the focus on meaningful gifting versus big-ticket item comparisons. “What is the most memorable gift you’ve ever received?” or “What is the funniest gift you’ve ever given?” are fun conversation starters.

3. Gratitude

The holidays are an ideal time to take inventory of your helpers and mentors. Who offered their support in 2023 during a financial hardship? How did someone in your family exhibit resourcefulness when it came to solving a money-related hurdle? Consider how you feel when your helpful gestures are acknowledged and pay it forward.

4. Lessons Learned

Are there grandparents visiting this season? Newsflash: they weren’t always grandparents. Ask them what their landscape looked like when they were new homeowners (or new parents). What financial advice would they have imparted to their younger selves? And could you benefit from their wisdom in the present?

5. Cool Tools

63% of smartphone users have at least one financial app. Ask your family what resources they rely on for budgeting, investments, and savings. From kid-friendly debit cards to apps that bundle spare change into savings, financial tools are streamlining the way people plan.

Financial Perspective

6. New Year's Resolutions

With 2024 quickly approaching, spend a little time talking about your financial goalposts. Maybe this will be the year you lean into the hunt for a home. Or trim frivolous expenses so you can begin budgeting for that trip to Portugal. There is power in putting your intentions out there, even if you haven’t mapped all the groundwork.

Our partner, GreenPath Financial Fitness is a trusted national nonprofit financial counseling agency which helps people navigate debt, budgeting and financial challenges for more than 60 years. Their certified trained counselors will look at your entire financial picture and help make a plan tailored for your situation.

This information is brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

• By Lisa

What to Know About Financial Hardships

Financial stress can be a very uncomfortable issue to deal with. The process of regaining financial control seems like a steep climb but as with any problem, finding guidance with your financial hardship can provide the framework towards regaining control.

If you're struggling to pay your bills every month, you might be dealing with a financial hardship.

What is a Financial Hardship?

A hardship can be defined in a few different ways and usually depends on a number of factors.  Typically, a hardship refers to a situation in which you cannot keep up with your financial obligations due to a circumstance that is beyond your control.

What Causes a Financial Hardship?

There are many reasons for a financial hardship and more often than none, they happen to be a result from an uncontrollable life circumstance. Some of the common reasons for a financial hardship include:

  • Loss of job
  • A cut in hours or pay
  • Divorce of death of a spouse
  • Injury or medical illness
  • Unexpected events/family matters

Common Signs

There are also a handful of identifiers that can serve as a warning that you may be headed for financial distress such as:

  • Not making the minimum payments on financial obligations
  • Continuously making late payments
  • High credit utilization (high credit balances)
  • Using services as payday loans and/or cash advances
  • Using credit to pay for daily essentials
  • Lack of emergency funds

Acting on the warning signs will serve as a preventative strategy that will allow you to plan, organize and eliminate the possibility of falling into a financial nightmare. Simply doing the corrective measures of the previous mentioned warning signs will place you into a better financial position.

Financial Hardship

What To Do

If you experience a sudden change of income, it is often recommended to create a baseline budget that will cover all of your priorities. Writing out your priorities, in order of importance, and labeling them as such, will provide understanding on which priorities have a certain amount of flexibility. While it is never easy, making the needed budget cuts will allow you to keep the baseline income flowing into your priorities.

Speaking to your lender/financial institution about your specific circumstance will help determine the best solution for you and can provide some financial relief when it’s needed most. There may also be other programs and resources in your community that could be taken advantage of.

SafeAmerica Can Help

As a member of SafeAmerica Credit Union we have resources available to assist you.

Begin the process of a healthy and stress-free financial way of living through our nonprofit partner, GreenPath Financial Wellness. They can assist with:

  • Creating a debt management plan
  • Financial Counseling
  • Housing Services
  • Student Loan Counseling
  • Credit Report Review
  • Financial Education
GreenPath Financial Wellness

Financial hardships are deemed as a last resort resource and are not structured to be supplemental to any variations of money saving methods. To increase the possibility of being accepted for a financial hardship, one should be able to provide details and/or documents from resources they took advantage of before making contact for a financial hardship.

Important Links

GreenPath Financial Wellness
Foreclosure Prevention Strategies
Financial Hardship Assistance

If you need insight, guidance or a plan of action with your SafeAmerica Credit Union loan, our collections department is available at CollectionsDepartment@safeamerica.com.

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