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Tips for handling your finances while unemployed

Amy Adamle
Created: May 26, 2020 10:15 AM

Unemployment numbers have skyrocketed the past couple of months and although many people are beginning to head back to work, many others are still struggling without a job.

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Barry Bigelow with Great Waters Financial said to adjust your budget if you find yourself unemployed. 

"Write your budget down and then look and see what is necessary and what's unnecessary," Bigelow said. "Adjust your budget is the first step, and then review your savings.  For those of use who are very fortunate and have been working, if you don't have three to six months set aside, none of us really know when this is going to end economically."

He said it's also important to prioritize debt and to communicate with your debtors.  High interest credit card debt should be paid off first. 

"Other things, if you are short one month, even a partial payment or communicating with a lender, whether it's a real estate loan or car loan, whatever it is, lenders right now are letting people forgo a payment for a period of time, due to this pandemic," Bigelow said. 

If you would like more help with budgeting your finances, head to greatwatersfinancial.com.

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Amy Adamle

Copyright 2020 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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