An effective way to deal with the understandable anxiety about finances is to pull together, face the realities as soon as possible, and come up with a plan.
Here are some ideas:
Be sure to discuss the impact of changing daily patterns, roles and responsibilities during the time of a decrease in income with your family. Negotiate tasks and duties as the need arises. Avoid using this time of crisis to bring up old conflicts and disagreements, rather use it as an opportunity to work out new arrangements. Schedule time for family members to check in with how they are doing, e.g. at a family meeting or outing. Listen and do not get defensive.
Click here to read the full Text of the budget speech by Prime Minister and Minister of Finance Mia Mottley.
Use every community and networking resource available.
Now is not the time to try to go at it alone. Reach out and use everything that is offered to you. A crisis like this gives you the opportunity and permission to get help.
Allow yourself some time to absorb what has happened, deal with the initial emotional reactions of yourself and significant others. Look into the positive aspects of your life so as to reduce the stress you may feel from your financial challenges.
By opening up to those who care about you, you will immediately gain support from the most important people in your life. They may also be a source of job information.
Spouses, partners and children are also affected by your decrease in income. Give them permission to talk about their reactions and concerns. Have a family meeting to discuss how the family will cope and get everyone’s ideas. Explain the economic forces that led to the job loss. Reassure children that the family will work together to get through this time.
A budget will assist you to decide when and how you are going to spend your money. Your budget will give you the control that’s needed to control your financial situation.
An emergency fund is money that you have set aside to cover unexpected expenses and financial emergencies. Start by putting $100 in the bank for each paycheck, then you can build from there. Aim to have $1,000 in the bank. Once you achieve this, you can aim to have up to six months of your expenses in your emergency fund.
This program assists our members to navigate the current economic challenges. The FRC consists of a specialized team who will offer one-on-one financial consultations exclusively for members whose employment or income status has been adversely affected, especially from the retrenchment process. It will also be available for members who are currently at-risk and want to be proactive about their financial situation.
Of course! The Financial Relief Centre offers financial consultations to members who wish to be proactive in maintaining or bettering their financial situation with the current economic climate.
Yes, the Financial Relief Centre is opened to BPWCCUL members only. Not a member yet? Click here to learn how to become one.
Contact the Financial Relief Centre as soon as possible! Take action and inform us of your financial strain before incurring arrears on your account and placing yourself in a bad economic standing. Our Financial Relief Centre Officers will advise you on what steps to take to improve your financial situation.
Debt Restructuring is the process that allows a member and the Barbados Public Workers’ Co-operative Credit Union to reduce and negotiate delinquent debts to provide a more feasible payment for the member. This process will adjust the current loan’s terms and conditions and could result in an extended contract with reduced payment. Debt Restructuring must be recommended by a Loans Officer/ FRC Officer of the Barbados Pubic Workers’ Cooperative Credit Union Limited. Make an appointment with our FRC team today to have a detailed discussion.
If you’re looking into Debt Restructuring, please bring the following documents with you:
If you have been affected by the retrenchment process, please bring the following documents with you:
If you have any concerns regarding which documents to bring, please call our hotline number at 622-9269.
No, the Financial Relief Centre is geared towards assisting members whose employment or income status has been adversely affected, especially from the retrenchment process. It will also be available for members who are currently at-risk and want to be proactive about their financial situation. Interested in applying for a loan? Call our contact centre at 622-8900 or visit the Loans Department at any branch of your choosing.
Yes, see how you can get on track below:
We have a Small Business Directory for small business owners to advertise their products and/or services to all members. Registration is free! Click here to register your business.
Members are also eligible for discounts when shopping at any of our Discount Partners by using their Co-Optima Debit Card. Learn who can help you save more here!
A series of educational seminars are also being offered to provide the awareness and tools necessary to successfully plan for and navigate life after retrenchment. Click here to learn more.
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Fax: (246) 437-8745
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