Beyond the health concerns related to the COVID-19 pandemic, many individuals and families are dealing with unexpected financial concerns.
“For many people, the situation has been just as difficult — possibly even more difficult — from a financial standpoint,” said Joyce Cavanagh, Texas A&M AgriLife Extension Service specialist in family economics and disaster assessment and recovery. “Many have had their hours cut or have been temporarily or permanently laid off, and this has added another layer of stress at an already hard time.”
Cavanagh said while the federal government is working out details and logistics of national relief efforts, it is wise for people to do all they can to get a grip on their financial situation.
Plan, prioritize, ask
Having a spending plan or budget is essential for saving family resources and meeting identified financial goals, personal finance experts agree.
“It’s important to have a grasp on fixed,