DETROIT – With the holiday season approaching and a new stimulus deal still in the distance, many people are taking a hard look at their finances to budget for lean times.
There’s no doubt about it -- COVID-19, skyrocketing unemployment and the delay of a stimulus deal is having a major impact on the bottom line for families everywhere.
The economic impact of coronavirus has been severe. Millions are unemployed and struggling to survive financially.
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Having some type of a budget is essential -- especially as we head toward the Holiday Season, when spending is up for many.
Look at your bills
Take a look at all your bills and expenses to prioritize and determine what are the “must-pay” bills. The goal is to avoid a negative hit to your credit rating.
Create a budget
As for holiday spending, set a plan and create a spending budget for each person on your list.
Shop around
Stores know many are struggling and deals are all around -- especially online. Traditional Black Friday deals may be a thing of the past as stores offer you incentives to shop early.
Talk to people
If you are having financial problems now, contact your landlord, your mortgage company and credit card companies. Many currently have programs in place to work with you to help avoid late fees or worse.