The Coronavirus has impacted the economy. More than 10 million Americans have applied for unemployment.  Sterling Riggs discussed ways to survive the financial crisis with Dustin Stanley, Financial Planning Advisor of Strategic Wealth Designers. “Right away you have to decide what is essential and what isn’t essential. People put this off until their money is running short. Don’t do that. Right now go through and look at every expense you have monthly,” Stanley said. “Your mortgage, your cable bill, write every single expense down including going out to eat and entertainment expenses. Go through that list and decide what you can cut if you don’t have income coming in. So sharpen that pencil so you can reduce what you’re spending on a monthly basis.”

According to Stanley another option for those who are laid off is to consider pushing out payments that are due. He claims under normal circumstances this would be a bad idea, but during the pandemic moving out a mortgage payment a few months or a car payment could be a best option in a bad situation. “Many companies will give you a pass. Call them and get ahead of your situation. You will have to make those payments back up but at least in the near term it will help. Another option to go ahead and file for unemployment. Many people have never had to do that before, but it’s something you may need to go ahead and do. Right now even the federal government is giving up to $600 on top of the local and state unemployment benefits,” Stanley said.

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