Financial adviser gives tips to those struggling financially during COVID-19 pandemic

LOUISVILLE, Ky (WDRB) -- People who now find themselves out of work amid the COVID-19 pandemic are feeling the stress over paying bills as they await their unemployment and stimulus checks.

It is the beginning of the month and Chrishun Ross is one of the many people trying to figure out how to make ends meet.

“Right now I’m currently on furlough from my job, which is healthcare,” Ross said. “I was concerned about being off and not being able to pay my rent."

Ross said she reached out to her apartment management team, which eventually got back to her saying it is working on waiving late fees for those out of work.

The governors of both Kentucky and Indiana have banned evictions during this state of emergency.

“The stimulus checks are coming and you are going to have to owe that rent unfortunately," Financial Adviser Rob DeLessio, with Strategic Wealth Designers, said. "The good part is you’re not going to lose the roof over your head."

Financial adviser tips for those struggling financially.jpg — Rob DeLessio, financial adviser with Strategic Wealth Designers

DeLessio advises anyone struggling to reach out to everyone that they owe money to. He says many companies are willing to work with you on payments.

“Like you’ve been taught. Be honest, be forthright,” DeLessio said.

DeLessio adds it is important to remain calm during this uncertain time and take time to create a budget.

“What do we really spend? What can we cut out? Maybe you have to eliminate your cable. Maybe you have to get rid of a couple telephone lines,” DeLessio said.

DeLessio said if you are living paycheck to paycheck, it is important to make smart purchases.

“No wasting money where you don’t need it. Don’t go out to eat. Buy in bulk. Like they used to way back in the day make large stews and soups,” DeLessio said.

DeLessio said he does not usually offer this advice, but suggests maybe looking into getting a credit card or personal loan.

Ross said she is already heeding some of that advice, but still worries what will become of her if this pandemic drags on.

“Possibly being homeless. I know one thing for sure that I still have my job, but my biggest fear is just not being able to catch up and being drowned in debt,” Ross said.