WHEELING, W.Va. (WTRF) – With all non-essential businesses closed until further notice, many families are seeing a dramatic shift in their finances.
Some have less or no money coming in at the moment.
A local financial expert urges households to sit down once a week and draw up a budget, figuring out where the money is going.
Where am I spending money? 70 to 80 percent of what that money should be going to right now is essentials. Making sure you have what you need to live daily—food, water, you know, basic essentials for clean-up. Naturally, everybody wants to have, you know, Clorox Wipes and Lysol Wipes and all that kind of stuff to make sure you’re cleaning things properly.Jason Haswell, The Monteverde Group
Some creditors have allowed borrowers to skip payments for a month or so.
However, Jason recommends a plan for the future because everyone will have to catch up on those payments soon.
He also suggests keeping track of your savings to make sure you’re not spending it on non-essentials.