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STEP 1: Assess Your Situation

Weathering a Financial Storm

 

This lesson addresses decision-making, how to assess your situation and the importance of budgeting. It also includes a personal story of how one family weathered a financial storm.

Below are some helpful links to assist you in assessing your financial situation:

 

What is a budget? How do I make a budget and stick to it? How do I do a monthly budget?

Where do I begin? Here is a Quick Start Budget form to assist you.

STEP 2: Secure Your Four Walls

If you can’t pay all of your bills and are having a hard time making ends meet, these Four Walls should be what you spend your money on first (and in this order):

  1. Food
  2. Utilities
  3. Shelter
  4. Transportation

Click here for more on this from Dave Ramsey.

OPTIONS FOR NATIONAL RELIEF
  • Individuals with federal student loans may temporarily stop making payments without accruing interest. Borrowers should contact their loan servicer to learn more about their specific options. SOURCE LINK
  • The deadlines to file and pay federal income taxes have been extended from April 15th to July 15th. SOURCE LINK
  • The U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration to implement a 60 day hold on evictions and foreclosures for single family homeowners with FHA-insured mortgages beginning on March 18th. Borrowers should contact their individual loan servicers to get more information about their mortgage payment options. SOURCE LINK
  • These banks have all offered different forms of assistance during this season – Ally Bank, Bank of America, Capital One, Chase, Wells Fargo, U.S. Bank, Citizens Bank, Discover. Customers can call their bank to find out what options are available. 
  • Employees of employers with fewer than 500 employees, are eligible for up to two weeks (80 hours or a part-time employee’s two week equivalent) of fully or partially paid sick leave for COVID-19 related reasons, and employees who have been employed for at least 30 days prior to their leave request may be eligible for up to an additional 10 weeks of partially paid expanded family and medical leave.  This will be in effect from April 1, 2020 to December 31, 2020. SOURCE LINK
  • A $2 Trillion Stimulus Package (CARES Act) was signed into law on Friday, March 27th. Many individuals and families will receive direct payments as a result of this new bill, but you can find more information by clicking here.
OPTIONS FOR LOCAL RELIEF

Rent

  • On March 20th Governor Jared Polis issued an order to help limit evictions, foreclosures and utility disconnections. SOURCE LINK
  • Boulder County courts have put a hold on all eviction hearings until July 13, 2020. Links included with information for landlords and tenants. SOURCE LINK

Utilities

  • City of Longmont Resources
  • Town of Frederick Resources
  • United Power has suspended service disconnections and late fees for residential members (this will be reevaluated on an on-going basis). SOURCE LINK
  • Xcel Energy will not be disconnecting service to any residential customers until further notice. Customers can contact them to set up a payment plan. SOURCE LINK
  • Black Hills Energy is temporarily suspending service disconnections for customers. Customers can contact them for assistance options including payment arrangements, budget billing, and medical extensions. SOURCE LINK

Cell Phone & Internet 

  • Xfinity will not be suspending internet services, for a limited time, for customers who are unable to pay their bill. They are also offering WiFi hotspots for free to anyone who needs them. SOURCE LINK
  • CenturyLink will not be disconnecting service for customers who are unable to pay their bill. SOURCE LINK
  • AT&T and Verizon will not be charging fees for late payments or terminating service for the next 60 days, but customers should contact their provider and let them know if they are unable to pay. AT&T SOURCE LINK / VERIZON SOURCE LINK
  • T-Mobile will be temporarily waiving late fees, and they also have options for customers to set up payment plans. SOURCE LINK

Unemployment 

  • Click HERE to file an unemployment claim with the Colorado Department of Labor and Employment. 
  • For individuals that don’t qualify for traditional unemployment HERE is a resource that highlights other options.
  • Employment Assistance – Thrive
  • Click HERE for How to Manage Your Money during a Crisis / Ramsey Solutions videos and articles

Medical 

General

  • Call 2-1-1 or visit www.211colorado.org/covid-19 to learn of resources that can help you. 2-1-1 Colorado is the official information and referral resource for the State of Colorado COVID-19 response.

STEP 3: Secure Your Future

Financial Peace University (also known as FPU) is a nine session proven personal finance plan that has helped millions of people stop living paycheck to paycheck.  This class outlines clear steps to move from stress to peace by integrating biblical wisdom to manage your money.

Fast Track Financial Peace University – Look for this accelerated class to be available this fall.

Available to you is a 14-Day Free Trial of Financial Peace University. After the 14-day trial, students of FPU can buy a discounted subscription.

STEP 4: Secure Your Legacy

Legacy Journey is a 6-week class which follows FPU.  This is a deep dive into God’s word, revealing the truth on money, wealth and how to build your personal and family legacy.  More information to come.

Financial Planning Ministry is a group that Rocky brings to the church on a regular basis.  They help families have peace of mind while establishing their legacy.  More information to come.

Have Questions?