Managing Finances During the Pandemic– News 4 San Antonio, Texas
- August 13, 2020
- By: Greenpath Financial Wellness
The pandemic is cause for many to experience financial hardship. Gladys Coward of GreenPath Financial Wellness shares insights with News 4 San Antonio about what to keep in mind.
News 4 WOAI San Antonio, Texas regularly features consumer information as part of their broadcast. The news outlet recently shared a consumer segment on managing finances during the pandemic.
Together with our affiliates including resources in San Antonio, GreenPath has assisted millions of people with debt and credit management, homeownership and homebuyer education, foreclosure prevention and student loan counseling. GreenPath provides specific guidance for those managing finances during the pandemic.
As the news segment notes, many people are struggling financially due to the pandemic. Millions of Americans are unemployed or have seen a decrease in their income. But bills need to be paid, and most importantly you still need to feed and take care of your family.
Managing finances during the pandemic can be tricky. GreenPath Financial Wellness says to help get you and your family financially back on the right path, you must get down to the basics. Do not bank on an extension or the possibility of a stimulus package to help get you through these tough times.
- Figure out your most important expenses, things like your home, electricity, food, and take care of those essential needs first.
- Immediately eliminate or postpone non-essential spending.
- Reevaluate your spending plan. Put automatic recurring expenses on hold if possible. Find ways to save money. Redirect funds that were typically used for commuting/transportation, childcare, etc. towards payments or building up an emergency fund.
Be Smart About Debt
As the segment notes, people also need to be proactive when it comes to debt.
Contact lenders and creditors to request a forbearance or payment deferral. But make sure you know what you are signing up for.
Remember, forbearance is not forgiveness. It’s important to understand the status of temporary COVID-era relief plans and how to best start up with monthly payments.
GreenPath Is Here To Support You
Our financial counselors are available to talk about debt and financial wellness. Managing through a crisis is part of the picture. One-on-one counseling will help you identify options that can relieve financial stress and make it easier to manage finances.