Tips on managing money in a pandemic

Managing money in a pandemic

RICHMOND, Va. (WWBT) - Millennials and Generation Z say their household incomes have taken a hit during the pandemic - a whopping 80% hit according to a NerdWallet survey. Luckily, there are ways to get out of financial trouble.

No matter what situation set you back, it’s not too late to get help.

Kim Palmer, a personal finance expert, with NerdWallet says the number one thing to do is to call the company that owns the bill. She says from mortgage companies to rentals and utilities, a lot of places are still offering help to people directly impacted by the pandemic.

“If you know you can’t pay a bill instead of just letting it pass without paying, call first, and see if they can give you an extension. If they can work with you, in some cases even waive some of the typical late fees or interest,” said Palmer.

She adds that you should know your budget, and of course, there’s an app for that!

Mint is a great one. It’s very visual and shows you where all your money is going.

PocketGuard is another. It gives you a snapshot of how much you can spend at any given moment.

Or there’s Clarity Money. It tracks spending and subscriptions, even helping you cancel them.

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