Smart Ways to Stretch Your Budget Now

Use these resources to save on the things you need to buy, manage your monthly bills or even apply for emergency funds.

Overhead of person sitting at desk with laptop computer, papers, mobile phone

by NEA Member Benefits

Share

As COVID-19 changes our lives in the near-term, you’ve probably been focused a lot on helping your students navigate this tumultuous time. NEA’s new resource page has some great tips to help you work remotely.

NEA Member Benefits is here to help you with your own personal-finance concerns as you face pressing needs as well as uncertainty in the future.

We’ve been hearing from members about what you need most right now. For example, amid the upheaval of school closings, many teachers are looking for discounts on laptops and tips on what equipment to buy because they’re focused on making sure they can connect effectively with their students. Members also want to find ways to cut back on expenses to make monthly bills more manageable.

To help, we’ve rounded up some ways you can stretch your dollar manage your expenses and meet emergency needs as you adjust to remote teaching, possible reduced household income and other coronavirus-related changes.

Stretch your dollar on the things you need most now

Home-office supplies: Members are seeking out deals on laptops, paper, printer ink, ergonomic furniture and more. You can quickly turn your home base into a high-functioning work zone with discounts through our Limited-Time Offers (LTOs) and NEA Click & Save shopping portals. Participating retailers include Best Buy, Dell, HP, Apple and more.

In addition, we recently added a new benefit for NEA members: Sign up to get your discount card through the new NEA Office Depot/OfficeMax Discount Program to get electronics, supplies, printing and more delivered to your home.

You also can get your home office (and even your closets, kitchen and garage!) organized with bins, folders, labels, bookshelves, furniture and more from Office Depot/Office Max and The Container Store.

And if you don’t already have a Costco membership, you can sign up now, get coupons, and shop online for deals on electronics and furniture.

Meals: Check our Limited-Time Offers page for deals from Blue Apron so you can get mail-order meals and reduce your trips to the grocery store.

You also can check Restaurant.com to see any of your local restaurants participate and are offering delivery or curbside pickup so you can take a break from preparing meals yourself.

Through NEA Click & Save, you can check for grocery delivery options such as Shipt and Instacart, as well as directly from grocers like Vons and Kroger.

Personal care: Shop for essentials with a discount at Walgreens via LTOs, and access savings at CVS through NEA Click & Save.

Pet care: Keep your pets happy, healthy and fed with discounts through NEA Click & Save at retailers such as Petco, Chewy, VetShop, PetCareRX and Wysong. And BarkBox is offering a special deal for members through our LTOs.

Entertainment: If you and your family are feeling a bit restless, NEA Click & Save offers a bundle deal on Disney+, Hulu and ESPN streaming services. Through LTOs, you can find deals at Gamefly.

The deals through these discount shopping programs change often, so check back regularly to see what’s new. And as you turn more to shopping online now, make sure you’re doing it smartly and safely.

Manage your expenses now with these resources

Partner assistance: First, if you are currently participating in any of our NEA member benefits programs, check our Member Assistance Program page to see if any help is available to relieve your bills due to hardships caused by coronavirus shutdowns.

Student loan debt: Many NEA members have student loan debt, and our partners at Savi recently updated the NEA Student Loan Forgiveness Navigator to help members determine whether COVID-19 has affected their debt obligation.

The government is temporarily waiving federal student loan debt interest. If you’ve lost your job or had hours cut, you might be eligible for a reduced monthly payment (as low as $0 per month) through a Federal Income-Driven Repayment (IDR) Plan. Check your options now.

Even if you don’t qualify for immediate relief due to coronavirus, you still might be able to reduce your monthly payments or even discover that you’re eligible for forgiveness. Take some time to look into your student loan debt reduction/forgiveness options by entering your information into the Navigator calculator.

Debt consolidation: You might be able to get better interest rates and lower monthly payments than what you have now by consolidating consumer debt and refinancing your private student loans. (Note: Check the NEA Student Loan Forgiveness Navigator before you refinance to make sure you don’t accidentally forfeit any forgiveness you may qualify for.)

Earn interest: Make your savings work harder by parking your money in an account with a good interest rate. Consider switching to the NEA Online Savings Account, which offers a competitive rate.*

Reducing monthly expenses: Some online research and a few phone calls often can help you reduce your bills. You can ask your existing providers if they’ll work with you to lower your rates, or you may find a better deal by switching companies (such as your auto and home insurance) or finding suitable alternatives (like switching to a streaming video service). And as the weather warms up, you can try some tricks to help reduce your cooling costs.

Track your expenses: Getting a handle on what you’re spending and what you owe is really important right now. It’s worth taking a bit of time now to go through these 6 steps (you can use our free worksheet too) to help you evaluate your budget so you can look for areas in which to cut back, and also anticipate and meet your financial obligations.

Access emergency funds

Your emergency savings fund and your credit card are probably the first places you turn to in a financial crisis. But if you find yourself in a bind—maybe your two-income household has recently dropped to one—and you need a loan to stay afloat and pay your bills, then see if the NEA Personal Loan® may be a good solution for you. You’ll find competitive rates, plus NEA members get an additional rate discount upon enrolling in autopay.

We’re here to help

We know that NEA members everywhere are adapting to extraordinary circumstances at work and at home. We remain committed to serving you, especially as you’re dealing with financial concerns now and in the long-term.

Please don’t hesitate to contact our Member Advocacy Center if you need help. You can call (800) 637-4636 or email at ask-us@neamb.com with questions about our products or services.


* Deposit Products are offered by Discover Bank, Member FDIC.

These benefits can help you meet your needs now