Short of money? Here are some tips for families stretching their budgets: NPR

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Short of money? Advice for families to stretch their budgets
Short of money? Advice for families to stretch their budgets
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Forget the living paycheck at the paycheck. Many families lost their jobs during the pandemic and lack cash while waiting for unemployment checks and government assistance.

These are very unusual times and the family budget recommendations are also unconventional.

Kathy Hauer, a financial planner based in Aiken, S.C., says that she tells people to do things she never recommended before: “Postpone as many payments as possible and worry later.” “

But, she says, don’t just ignore all the bills. Be sure to call all companies and request forbearance – either late payment or a new payment plan.

This is a particularly difficult time for low-income families who do not have much flexibility in their budgets, says Hauer. They may not be able to borrow money from other family members. If they have bad credit, they cannot get personal loans from banks. Many also do not have or are about to make the most of credit cards.

Normally, personal finance experts tell people to avoid credit cards – and their high interest rates – like the plague.

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