The Tennessee Credit Union
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Managing Through TransitionManaging Through Transition

Financial setbacks come in all shapes and sizes. It can be an expensive household repair, a medical emergency, getting laid off, or the birth of a baby. Whatever the situation, it’s impossible to plan for every financial hit you will take in your lifetime. But don’t fret. If you’re hit with hard times, here are several tips to keep in mind.


Don’t Panic

Keeping calm will allow you to think more clearly and resolve your deficit quicker. As difficult as things seem now, they’ll always look a little better after some levelheaded planning.

Assess Your Current Financial Situation

Sit down and assess your current financial situation, determine your immediate needs, and work out exactly how much more money you’ll need to cover your new expense or to fill the gap of income loss.

Alternative Work

Because tightening your budget can be stressful, try finding ways to add to your income first. If possible, put in more hours at work. Consider freelancing or consulting. Take a side job for some extra cash. If you've lost your job or have had your hours reduced as a result of the coronavirus pandemic here are some companies who are hiring: 17 Companies That are Hiring During the Coronavirus Crisis

Trim Your Spending

Now it’s time to see which expenses you can trim from your budget. First, you’ll need to prioritize. List all the expenses you cannot do without and those that would be irresponsible to neglect. Then, take an honest look at your remaining expenses to see where you can cut back. Shop the sales to cut your grocery bill in half. Trim spontaneous purchases by only using cash. If you’re a two-car family, consider cutting back to one car for now. Push off your vacation plans until things start looking up.

Contact Your Creditors

If you cannot make some of your minimum monthly payments anymore, contact your creditors before they call you. Most creditors will be happy to work out a reasonable payment plan with you.

For those who have been affected by the coronavirus pandemic, TTCU Can Help. We have created the COVID-19 Assistance Program to assist members who have been negatively impacted by the ongoing coronavirus pandemic. For more information, click here.

Reach Out to Family and Friends

Be open and honest with your family and friends about what’s going on and seek their support and input. A strong support system can encourage you until you get back on your feet, and they may even be able to help out with employment opportunities or other resources.

Be Proactive

Hindsight is always 20/20. Harness the urgency you feel now to get into the habit of building up an emergency fund. As soon as you’re back on your feet, start putting away money for protection in the event of future setbacks. Experts recommend having 3-6 months worth of living expenses saved up in case you can’t work for any reason. We have a variety of savings options to help make putting money away easy. Check out our Savings Accounts by clicking here.

Do you need help recovering from a financial crisis? We can help! Contact The Tennessee Credit Union today for help with a loan customized to your situation – call us at 800-622-2535, visit a branch location to discuss your needs or email

If you would like to speak with a confidential financial counselor from Greenpath Financial Wellness, click here. Greenpath is a free service offered by The Tennessee Credit Union for our members.

GreenPath Financial Wellness