5 Steps to Navigate Financial Uncertainty
If you’re feeling uncertain about your financial future, you’re not alone. Your Credit Union was founded during the Great Depression by a small group of American Airlines employees who thought that during turbulent times, we should be able to count on each other to navigate the storm. While a lot has changed since 1936, one thing that has remained constant is our commitment to taking care of our members. Remember, American Airlines Credit Union is always here to help you navigate life’s challenges. No matter where life may take you, your membership with us remains intact and we'll continue to be here for you and your family, too.
Here to help you chart a new financial path.
We have many tools and resources to assist you. By taking action now, you can help minimize the impact of a financial disruption over the long term. Our experienced financial professionals and certified credit counselors are available to provide trustworthy advice.
1. Create a Spending Plan
When your finances take a turn due to reduced earnings or a loss of income, it’s important to re-evaluate your spending and prioritize bills and payments.
Mapping out a spending plan or creating a budget is an important first step toward maintaining financial wellness. It can help you assess shortfalls and make better decisions when allocating funds.
The Navigator, our online, interactive, financial education platform, offer free tools and resources to help you get started and create a customized budget based on your current situation.
Take care of life’s necessities first, like food, rent/mortgage and utilities. Then prioritize other debts, such as car loans and insurance. Begin by reducing unnecessary or discretionary expenses like cable TV and other subscriptions or memberships. Be sure you take care of non-collateralized/unsecured debts like credit cards and personal loans. You may also be able to negotiate with lenders to defer certain payments or extend your term. Local governments and utilities may offer hardship assistance as well. By triaging and prioritizing your spending, you can help protect your financial future and make each dollar count.
If possible, starting even a small emergency fund is always a good idea. Everyone should have a minimum of $1,000 and many financial planners recommend saving an amount equal to at least 6-months of your living expenses.
For a limited-time, we will help you get started by matching up to $25 when you open a new Emergency Fund Savings Account
2. Manage My Debts
From creating a payment triage strategy that’s mindful of your credit, to seeking outside help to get out of debt, everything you need to know about managing debt is available through The Navigator. Here are a few of the questions the Navigator can help answer that may be most relevant to you now.
3. Focus on Financial Wellness
Our Financial Wellness Department Coaches and Advocates are here to help you rise above any credit issues. Our Wellness Check-Up gives you the opportunity to meet with our Financial Wellness coach/advocates, who offer:
• Advanced financial indebtedness solution assistance
• Credit report review
• Budgeting assistance
• Continuous accountability, support and guidance
In order to meet with a Financial Wellness coach you need to complete our Financial Wellness Program Agreement form authorizing us to review your credit report with you or pull a new report if necessary. Are you ready to get started? Call us today to speak with one of our Financial Wellness team members at (833) FIN WELL or (833) 346-9355.
4. Plan for Retirement*
If you’re mapping out your retirement and looking for advice on investing, planning for retirement, education, long-term care, health care or insurance, Flagship Financial Group (FFG) advisors are here to answer your questions. Our trusted financial advisors will help you plan and prepare for your future by working with you to design investment portfolios, guiding you with retirement solutions and more. Start with a free consultation with an FFG advisor at (877) TEAM FFG or (877) 832-6334. They can help you answer questions like:
5. Consider Your Investments*
While the stock market may have swings that are best ignored by long-term investors, everyone’s financial situation is unique. The financial advisors of FFG can answer your more complicated questions about your investments and strategies including:
• Is this a good time to rebalance my holdings?
• Is this a good time to begin investing?
• Should I do an investment review?
Get started with a free consultation with an FFG advisor at (877) TEAM FFG or (877) 832-6334.
Remember, we're here to help you navigate life's challenges. Our commitment to financial well-being is one thing that will remain constant. We hope you'll make use of the tools and resources available to you through your membership at American Airlines Credit Union. Please contact us at (800) 533-0035 if we can assist you personally as you navigate financial uncertainty.
*Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Cetera is not affiliated with the financial institution where investment services are offered. Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services. OSJ:14050 FAA Blvd. Fort Worth, TX 76155
Investments: • Are not FDIC/NCUSIF insured • May lose value • Are not financial institution guaranteed • Are not a deposit • Are not insured by any federal government agency.