Here’s what you need to know to make your best money moves

With businesses closing and unemployment growing, personal financial expert Farnoosh Torabi says “this is not the time to panic.” Here are some things you can do to help keep your finances afloat.
3:46 | 03/18/20

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Transcript for Here’s what you need to know to make your best money moves
We're back now with what you need to know to help survive all of this financially with so many businesses closing and unemployment growing. What's your best money moves in uncertain times especially for those of us who just lost work. Although it's hard to do now is not the time to panic. Thank you so much for joining us. Thank you for having me. You say the first thing you need to do is evaluate your expenses. Yes. And the good news here, Amy, a lot of our expenses, your rent, utilities, you know, people, banks, they're looking at ways to defer this for customers and this isn't going to happen automatically for you. I'd go through all of your expenses, necessities and call every single biller, call your landlord, call your credit card company and explain how you've been impacted by this virus, whether you were furloughed, hours cut back or you're worried about losing your job and what sort of relief programs they have in place and you might be able to be able to defer payment for the current month or for the next month or bring down costs, substantially. What's the likelihood right now that you'll have those creditors, your landlord be willing to do that because they have their bills to pay as well? Right. So I would just reading in usa today that a number of credit card companies and banks putting out statements and saying, hey, call us. We have relief programs for times like this. Back into the 2009 recession, we saw a lot of this happened as well. You might be able to get some sort of deferment on your monthly payment. Removal of fees and again, this isn't going to be an automatic assumption. You have to call and the lines are busy so anticipate that. We're still in the early stages, we're hearing about landlords not evicting their ten abouts simply because they can't make this week's or next week's rent. I'd check your lease and read the fine print regarding eviction. In this country, ten abouts have the higher hand. It will be a process if and when you get evicted. The bottom line is, you have to be proactive. We learned that unemployment websites crashed this week in both New York and New Jersey. Is there a best time to file? The best time to file is as soon as possible. And I know, it's been quite the line getting through, over the phone, the websites aren't fully functioning at times. Maybe if you're a night owl and you have been up and you have been anxious, overnight is a better time when people are sleeping. Lot of states including New York they're removing that window during which time you have to apply for unemployment from the moment you lose your job, they're moving obviously because of that backup, that's the good news. To your answer your question, the best time to apply is five minutes ago. Asap. As soon as possible. Thank you so much. Important advice there for so many people watching. We appreciate it.

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

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