Managing your finances during a crisis

Coronavirus

NORTHWEST ARKANSAS, Ark. (KNWA/KFTA) — During the ongoing pandemic, you might’ve faced some tough financial decisions.

Karen Gray, Senior VP, Marketing Manager with Arvest, said you can better budget once you have a clear idea of what your needs are and what your wants are.

Make a list and start cutting expenses from there.

Gray said your needs include – housing, food, water, transportation. The wants are things you can live without.

Her advice— take a hard look at your banking and credit card statements. What are you spending your money on?  Ask yourself do I need this monthly subscription? Can I go without soda for the next few weeks?

She recommends putting the extra money which you would have used towards items in your want list and start an emergency fund.

“It can be one dollar or five dollars and you don’t have to open a savings account, to me it’s easier to keep up with a savings account because then you aren’t as likely to touch it but you can even put it in a coin jar at home and start small…and before you know it..it will build up more quickly than you think.”

Lastly, Gray said when it comes to paying bills, it’s important you communicate with the people you are trying to pay. They can help put a plan in place so you don’t get so far behind.

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 This material may not be published, broadcast, rewritten, or redistributed.

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