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Financial Counseling: Is it Right for You?

Last Updated

October 30, 2020

Written By

Jodi Arbogast

During these uncertain times, we know many members of our community have experienced the effects of the global pandemic on their credit scores and finances. This is why Family First is investing in our employees to be equipped with the proper training and resources when it comes to helping our members succeed in managing their finances and improving their credit score. Learn more about our teams certification process and whether financial counseling may be right for you.

5 Reasons Why Financial Counseling Might Be Right for You

There are several reasons why individuals are looking to financial counseling during these times. If you’re unsure if financial counseling is right for you, here are 5 reasons why members look to leverage this free service:

  1. Loss of or Reduced Income

During the months of March 2020 to May 2020, the United States unemployment rate increased from 3.5% to 14.7% due to COVID-19. Losing a job or having to take a pay cut to keep your job can be a stressful situation. Finding ways to provide the necessities for your family become increasingly harder, but by taking the right steps to budget and manage your finances, you’ll be able to navigate through these times with increased confidence .

  1. Overspending

Spending more than what you bring in and relying on credit cards to pay for your expenses can be a cause for concern. Racking up credit card debt can be hard to manage, but with the right resources, you’ll be able to determine what you can or cannot afford while limiting your debt.

  1. Unexpected Expenses

Life is filled with unexpected events such as accidents resulting in car or home repairs. Being prepared with the proper financial resources will prevent any unanticipated expenses from becoming a burden in the long run. Our financial counselors can assist in setting a budget that will set aside funds for these types of occurrences.

  1. Illness in the Family

15% of Americans say they owe $10,000 or more in medical bills. Serious illness and high medical costs can be extremely stressful for individuals and their families. With the unpredictability of accidents or illness, there are precautions that you can take to lessen the impact of these high costs.

  1. Divorce or Separation

Financial problems and debt are one of the leading causes of marital divorce and separation. Financial situations can become more complicated when working out details of divorce or separation, whether it be the costs of obtaining a lawyer or sorting out assets during the separation process. Finding support during this difficult time is crucial to your financial stability.

“Working with Jodi, was a great experience. She was able to look into my finances and provide guidance that really turned things around for me. My credit improved and I was able to purchase a home. I think this is an awesome service the bank provides that is of no cost to the member. Thank you!”

-Current FFCU Member, 2020

The Financial Counseling Certification Process

We are here to give you the best personalized experience to face your financial challenges and to achieve your goals. Family First’s Financial Counselors must go through a two-step process consisting of an in-depth review of materials and resources and two exams.

By leveraging these resources and our financial counselors’ knowledge, Family First is able to curate a personalized plan that will be sure to meet your needs.

We’re here for you

We’re in this together. Family First is here to help you manage your finances and improve your credit score. Contact one of our certified Financial Counselors today to learn how you can start working towards your goals today.

Author

Jodi has been working with Family First for 13 years. During her time at the credit union, she has worn many hats from Financial Service Rep to Branch Manager. Currently, she is a Loan Officer as well as a Financial Counselor and has been a certified Financial Counselor for the past 6 years. Jodi loves that this hat allows her to live the Credit Union philosophy of “People helping People” on a daily basis.

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