Andrew
Joy Diaz
A personal finance expert says families should focus on paying for only what’s essential right now, like food, if they’ve lost work during the pandemic.
As millions of Americans face unemployment and hard economic times because of the coronavirus pandemic, being smart about finances is more important than ever. Many will receive one-time stimulus cheques, but that’s only a small part of a person’s or family’s equation for making ends meet.
Joyce Cavanagh, a specialist in family economics at Texas A&M AgriLife Extension Service, told Texas Standard that in tough financial times, prioritising essential expenses is helpful.
“What are some things that you might be able to postpone without any dire consequences, and what are the things that absolutely have to be paid?” Cavanagh said.
Here are Cavanagh’s five tips for personal finance during the pandemic:
Prioritise essential expenses like food, rent or mortgages and utilities. And look for programmes or services in your area that could help you cover or delay some of these expenses.
Don’t avoid creditors; let your credit card company know about your financial situation if it’s affecting your ability to pay. And try to at least pay the minimum balance.
File for any and all government assistance available if you’ve lost your job. You could now qualify for more benefits than just unemployment — benefits like food stamps, Medicaid and health insurance through healthcare.gov.
Look out for scams, especially as stimulus cheques start to arrive in the mail. The IRS will never call or email you; it only communicates through the US Postal Service.
NOTE: There is also no such thing as a COVID-19 home testing kit. — www.kut.org/
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