Parent Survival Guide: Managing your money during hard financial times
CHARLESTON, S.C. (WCSC) - Financial company, NerdWallet, released a recent survey that says about 78% of Americans think the pandemic has pushed them to take some type of financial action.
The company says people are paying closer attention to finances and prioritizing saving money more now, than ever before.
”Many times if we don’t have a plan the old saying is we don’t plan to fail but we fail to plan really makes a difference,” Increasing Hope Financial Training Center financial coach Dorthea Bernique said.
Bernique says creating a spending plan and budget are the foundational principals when it comes to getting your finances in order.
”Know what’s coming in and what needs to go out. How do you balance that you do need to create more income is there a surplus? Those are things you need to ask your self as you move forward,” Bernique said.
She says now is also a time to be making a plan for any additional money that might come in. That plan should include extra money from places like your tax return or the economic stimulus payment.
”It really makes a difference being in a position to tell this additional income what you want to do instead of plugging holes and putting out fires and not really having it accomplish what you needed to do,” Bernique said.
For those who are struggling to stay afloat, Bernique says financially prioritizing bills and things you need to tackle first is the best strategy.
From there, she says come up with a game plan and always communicate with those you owe instead of avoiding them.
”We have to keep a roof over our head we need food on our table so prioritize what is most important to get you though this so having that game plan is so important. Eat this financial elephant one bite at a time don’t allow it to overwhelm and exasperate what’s going on this time realize its a season,” Bernique said.
Now more than ever during the pandemic, people are needing to use food services, rental, and mortgage assistance as well as free tax services.
Instead of going deeper in a financial hole, Bernique says those in need should not hesitate to reach out to non-profits and providers to help get back on track.
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