How to financially plan for your future in a pandemic

Financial expert Chris Hogan gives timely advice to a home viewer.
4:25 | 09/24/20

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Transcript for How to financially plan for your future in a pandemic
More than 26 million people in the U.S. Are relying heavily on unemployment benefits wondering what their financial future holds. We have one of the very best financial experts here to help plan for the future. Please welcome Chris hogan. Chris, thanks for being with us. A lot of people obviously in our country are worried about their futures, including Annette there. She knows and a lot of people know their unemployment will be ending soon. A lot of people don't know how they'll get through this time. How do you begin, Chris? The first thing is take a deep breath. It's a tough time for a lot of they're having to battle to get through to figure out what's next. One of the ways to have that mind shift is the triple a process. This is where you want to access, acknowledge and activate. Access is where you're getting real with yourself about your situation. It's a mindset shift. Acknowledging is identifying the changes you can make. Activate is where you begin to make those changes. I'm telling people to be in conserve mode right now. This is where you're protecting your money, all the income coming in. Take care of the four walls first. That's food, shelter, transportation and utilities. You want to make sure you're able to take care of the primary things right now. Annette, I don't know how much of that you're following already. Annette, one of our viewers here, has a question. Go ahead with your question. I'm just wondering what do I dip into first when my unemployment is up, my savings or retirement? I haven't been able to put money into my retirement. I'm 55 years old. Is that going to hurt me? The first thing you want to do is go to savings. This is your emergency fund. It's like a cushion between you and life. I'm glad you're not putting money towards retirement right now. You're pausing that. Once your income stabilizes, you can put more money and start to invest. You're still young. You have plenty of time. Once you get yourself out of debt and build up an emergency fund, you can get back to investing and saving for your future. Annette, I want to know more about your situation. Can you explain it for us? I know on the backside of that you have a question for Chris about deferrals. I'm a single mother. I have a 17-year-old son who is starting his senior year in high school. In early April I was furloughed from my job in the trade show industry and have been collecting unemployment as well as receiving the enhanced federal aid benefit that ended in August. During that time I've been staying afloat and trying to save money. Unemployment benefits have been extended until December. I could still possibly be out of work for another 9 to 12 months. My question regarding deferrals is is it wise to request a deferral on my mortgage and credit cards? Annette, you want to reach out to your companies and find out how they're working with people. I want to take a minute and explain the difference between secured debt and unsecured. Your mortgage and car are secured debts. If you don't make payments, you could potentially lose them. Unsecured debts are medical debts, personal loans and credit card debts. If you can't make the minimum payment, you can at least pay something. I tell people you can pay attention even if you can't afford to pay. That means communicating with the company. You're not the only one in this situation. Contact the companies. Advocate for yourself. Find out how they're working with people and explain your situation and make sure they document your account. Annette, we want to thank you for sharing your story with us. Millions of Americans are in such a similar difficult situation. Before we go, Chris, there's one more thing you wanted to tell Annette. I sure do. We have done a quick fly-by over the situation. One of the things you need is a plan that really works, but more importantly someone to walk with you. We're going to set you up for a free full session with the ramsay financial coach. Amy green is going to work with you in your situation and she's going to guide you. Now, Amy's not a professional investor. They work with investments. She's a financial coach. She'll help you build a budget and help plan for this debt. That's great, thank you. Chris hogan, thank you so much. Annette, thank you as well. We're wishing you the best. Thank you. Folks, stay with us.

This transcript has been automatically generated and may not be 100% accurate.

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