Finance expert shares top money moves to make during COVID-19 pandemic

Business & Consumer

(WJBF) – 79% of Americans live paycheck to paycheck and more than a million workers are expected to be laid off by the end of March because of COVID-19. For many, that means financial fears are skyrocketing.

NewsChannel 6’s Barclay Bishop spent some time talking with Chris Hogan. Hogan is a personal finance expert, Ramsey Solutions personality, and best-selling author of Everyday Millionaires: How Ordinary People Build Extraordinary Wealth.

Chris Hogan’s tips on money moves to make during this pandemic:

Take a deep breath. We can, and we will, get through this. But right now, we need to be in conserve mode.

That means you’re taking care of the Four Walls of your budget first:

  • Food
  • Utilities
  • Shelter
  • Transportation

Cut all unnecessary spending – cancel memberships and subscriptions that are on auto-pay

Build up your emergency fund – if you don’t already have 3-6 months of expenses saved up, do everything you can to start beefing up this fund

If you get a tax refund, put towards emergency fund.

Pause Debt Snowball – if you have debt, pay only minimum payments and put extra money toward emergency fund. Learn more about the Dave Ramsey debt snowball

Call your creditors – if you can’t pay your bills, you can at least pay attention. This means calling your credits and explaining to them your situation. Be sure to make notes on the call and tell them when you CAN pay and HOW MUCH you can pay. 

Whatever you do, do NOT tap into your retirement.

It’s okay to have emotions and be nervous. What’s not good is to move forward without answers.

Sit down and have a conversation with your investor advisor about what’s going on in the market.

Learn more from Chris Hogan:

  • www.ChrisHogan360.com
  • Ramsey Solutions Presents 
  • A Message of Hope: Chris Hogan
  • “Riding the Wave: Stock Market, Investing and Retirement”

We’re dealing with a lot of unknowns right now, but your goals and dreams still matter. Join best-selling author Chris Hogan as he provides guidance on how to handle your investments, your retirement and the stock market during this uncertain time. Tune in at 7 p.m. CT on:

Ramsey Solutions Presents “A Message of Hope Series” – Six messages of hope from the Ramsey Solutions team, Rachel Cruze, Chris Hogan, Christy Wright, Dr. John Delony, Ken Coleman and Anthony ONeal. They’ll be answering your questions, sharing their plan and bringing a #MessageofHope to help you, your family and your friends get through this.

MORE TOP STORIES:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories