Government stimulus checks are beginning to hit people’s bank accounts but many people have mounting bills and not enough money to pay them. Sterling Riggs was joined by Wealth Management Advisor Rob De Lessio of Strategic Wealth Designers to talk about the best financial strategies to survive a tight monetary budget. Rob said right away a person should create a budget to get a handle on what they can afford or can’t afford each month. “A lot of people say they need to set budget. Well now’s the time. You need to look for areas where you can trim the fat. Don’t run and hide from the debt; it will just create problems down the road,” De Lessio said. “Cutting cable, any elective type of expense. If you are paying for landscaping do that yourself. If you absolutely need the money you may consider selling things like jewelry or other expensive pieces you may own only if you are concerned about keeping a roof over your head and the lights on though.”
According to De Lessio, credit cards can be a mounting burden for many out there. Knowing how to navigate what to pay and when to pay those are key De Lessio claimed. “I’ve never said this before on TV, but during the pandemic at this point you probably want to make the minimum payments. Right now with this environment you really want to hoard as much cash as you can.” Building out a financial plan and staying within that budget can make all the difference De Lessio said.
To learn more about this financial topic and all market updates visit WDRB’s Financial Tips.
- IMAGES | Protesters calling for end to evictions amid pandemic block Louisville intersection with furniture
- Trump order allows some unemployment pay, defers payroll tax
- Until Freedom demonstrators arrive for monthlong stay in Louisville with rally for Breonna Taylor
- Man killed, 2 injured in 3 separate shootings reported within an hour, LMPD says
- LMPD: Toddler dies in apparent drowning in Wilder Park neighborhood
- 'A tough day' | Kentucky's COVID-19 positivity rate surpasses 6% as Beshear reports 801 new cases, 8 more deaths
- Feds: Louisville's PNC Plaza tied to Ukrainian money-laundering scheme
- POLICE: Eminence suspect accused of sexually abusing, imprisoning 13-year-old girl
- Man found shot and killed in Taylor Berry neighborhood
- Bikers descend on Sturgis rally with few signs of pandemic