Financial Tips from Industry Leaders, continued...

navigate your personal finance journey during this challenging time. Whether you’re a young adult just getting started or managing a family budget, these tips will help you as you assess your finances and plan for whatever the future may bring. 1. Reach Out to Your Creditors: If you’re

experiencing financial stress, reach out to your creditors sooner rather than later. Keeping the lines of communication open is very important to both you and your financial institution. Start by reviewing any problems, so your creditors can help to provide potential relief and solu- tions they can offer. 2. Create a Budget: If you do not already have a personal budget, think about creating one. Knowing where your money is spent may help you to provide insight on where and what ex- penditures might be trimmed or eliminated, if your budget needs adjusted. 3. Review Your Credit Report: Tere are

several services online that provide free credit reports. As a best management practice, plan to check your credit report annually. Make sure you know what is on your report and keep on the lookout for any suspicious activity. 4. Check-in with Your Credit Card Compa-

nies: Pick up the phone and give them a call to ask about potential interest rate reductions. Often, that’s all it takes to lower your interest rate and save money, which can greatly influ- ence your expenses. 5. Remember to Practice Self-Care: Keep-

ing yourself healthy during this stressful period of time is important. Remember to take time for yourself to recharge. You cannot operate at your best if you are not healthy. For Farm Credit members feeling anxious or stressed out, we encourage you to use our free Member As- sistance Program to explore the counseling of- ferings. Please visit for more details about the program.

Keith is a graduate of Towson University and the LEAD Maryland program. He has been with Farm Credit since 1993, and has served as a Board member for the Maryland Horse Council and the Maryland Agricultural Resource Council.

Although each of our experts is focused on a

different aspect of the financial industry, their advice is applicable to most people because at its core, it is solid advice: 1) Don’t panic 2) Don’t ignore the problems until they be-

come overwhelming 3) Taking small steps towards saving money

can save a lot of money 4) Create and stick with your budget so you

know where your money is going 5) Periodically re-evaluate your long range

goals 6) Don’t hesitate to seek professional help

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Offi ce: 3457 Sweet Air Road Phoenix, MD 21131 410-683-8800

To update your information, call 410-489-7826 or email 38 | JULY 2020 | THE EQUIERY A MARYLAND HORSE COUNCIL PUBLICATION 800-244-9580 |


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