Start with a Budget

A budget is a critical money management tool that shows you how cash is flowing in and out of your household. It can also help you see if you are living above your means or where you may be overspending.

• Need a budget? Download our Budget Worksheet.
• If you already have a budget, it may be necessary to update it if your income or expenses have changed. Ensure your budget matches your new circumstances.
• Learn more about budgets at Consumer.gov
• Scale back on non-essential spending
• Contact creditors if you cannot make your payments
• Get your family members involved in the process so everyone is on the same page.

Tap Your Resources

Utilize Your Savings

If you are experiencing income disruption it may be necessary to draw on your savings. Don't forget about secondary savings accounts and certificates. This is also a good time to use rewards, points, coupons, and those gift cards you've been keeping.

Retirement Funds

If possible, avoid utilizing retirement funds. However, if you are experiencing a financial hardship you may want to consider a loan or early withdrawal as a last resort.

401(k) Loans - If your retirement plan offers a loan option the maximum amount a participant may borrow is 50% of the vested account balance, or $50,000, whichever is less. Visit IRS.Gov for details. 

Reorganize debt

If you are in need of cash, or need to reduce your current payments, take a look at restructuring your debt or leveraging your assets.

• Consider refinancing higher rate debt to consolidate and/or lower your monthly payments
• Swap-N-Drop an auto loan from another institution
  • You could lower your rate up to 2%, as low as 2.99% APR*
• With today's low rates, refinancing your mortgage** could help you lower your payments
• Think about accessing the equity you've already built in your home to cover unexpected expenses with a Home Equity Line/Loan 

Get Help

Asking for help can be difficult, but it is important to remember that there are federal, state, and local resources who want to help. If you have experienced a job loss, file for unemployment as soon as possible. It may take several weeks to process your request. To get started visit the unemployment resource center in the state where you were employed, or the department of labor for certain federal employees. 

Federal Student Loans

For the latest updates on Federal Student Loan relief, including the student loan payment pause, please visit: Studentaid.gov. 

Food and nutrition programs

There are essential food programs for those in need. If you are experiencing food insecurity we encourage you to learn more.

• Women, Infants, and Children (WIC)
• Commodity Supplemental Food Program (for seniors 60+)
• Emergency Food Assistance
• Charlottesville School Nutrition Program
• Albemarle County School Nutrition Program
• Other Virginia Public Schools Programs

Additional Resources

• Benefits.gov
• USA.gov
• Virginia Department of Health
• Centers for Disease Control
• United Way of Greater Charlottesville
• Salvation Army - Charlottesville
• Blue Ridge Area Food Bank
• Warrenton, Virginia Food Pantries
• United Way of the National Capital Area