Financial Advice

Manage Your Finances

TOPICS

Navigate Financial Stress


Who is UFCU and what services do they provide?

UFCU is a not-for-profit cooperative that has been serving the Austin and Galveston area for more than 80 years with 20+ branches and a belief that a community truly prospers when we are all financially healthy.

Jamie Chandler is a financial health program specialist at UFCU, which means she counsels many people through their financial stressors. The current pandemic might be causing extra financial stress. What kind of conversations have you been having with your partners?

Financial stress impacts everyone. It’s something that doesn’t have an income or age limit. We all go through it at some point in our lives. When we think about the kind of events that affect our financial health, we tend to start with the things in our lives that are overwhelming, but financial stress can come from positive moments in our lives as well, such as budgeting for a new baby or a new job.

What are the money issues that can cause us the most stress?

There are two common financial stressors:

  • The unknown. It is really challenging to plan ahead financially when you have competing financial obligations such as saving for the unexpected or paying down your debt.
  • Finding the best way to talk to family about money.

What are some strategies to help reduce this financial stress?

When it comes to dealing with the financial unknown, the best way to start is laying all your cards on the table. Set aside time to review your last month or two of spending and saving habits to determine if they align with the financial goals you want to accomplish. If not, then make a short list of all the options to make changes and pick one to try each month.

The best way to talk to family about money is to be open and transparent about your feelings and situation. From there, have a conversation about what you want to accomplish together and agree on the steps you will take. The more family you include in those goals, such as your parents and your children, the more likely you are to achieve them.