The new normal: How to ease financial strain

Certified finance education instructor Bola Sokunbi discusses ways to ease financial strain.
3:37 | 03/27/20

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Transcript for The new normal: How to ease financial strain
As millions of Americans lose work or stress over the threat of losing your job, it can be scary to see those bills piling up and no money coming in. Here to walk us through some of the ways to ease the financial strain is certified finance education instructor bola sokunbi. We know that everyone is worried about their bills right now. And at the very least there's some relief in place, this $2 trillion in stimulus bill passed by the senate yesterday. Tell us what this means for the general public. Yes, so to break down the stimulus package, individuals will receive a check of $1200, married couples will receive $2400 and parents with children under the age of 17, will get $500 for each child. However, for individuals earning more than $75,000 or couples earning more than $150,000, this stimulus amount will go down and for those individuals earning $99,000 or couples earning $198,000 or more they would not qualify for the package. Some people are getting help but it might not go that far. You have five tips on how to keep up with bills during this pandemic and what people can do with the money from the stimulus bill. The first tip you have is, to prioritize important bills. If you're getting stimulus check, or you have income reduced, or unfortunately you lost your job, your main focus should be to prioritize what's most important and this would be your food, your housing, your core utilities and transportation needs that you have. The next step, scale back on those non-essentials. Yes, so when it comes to nonessential spending, you want to put that on pause until things get better with your financial situation. So, think about ways that you can stretch your dollars. What do you have at home that you can meal plan? Can you switch from brand names to generic names? And what other things can you do without? Right now, online shopping is a big one. But given the fact that we're all under quarantine and no where to wear that clothing, we can put that on hold right now. Also, you said work the phones. Call your creditors and call your bank. Absolutely, don't make the assumption that your creditors or your service providers or lenders assume that you're going through financial difficulty, pick up your phone and call them and let them know what you're going through and that you need assistance. Many of these companies are willing to work with you in terms of payment plans and many of them are waving late fees or transfers. But you have to call and communicate your situation with them. Of course you got to let them know. Your final tip I really like -- get creative to earn income during this time. Yes, so what skills do you have that you can monetize? What things in your home can you sell? It's also important to keep in mind, if you need the money right now it's important to work at a job below your skill set. There are a lot of companies and industries hiring right now. Amazon just announced 100,000 jobs. Grocer Kroger is hiring. It's okay at this time to work below your skill set if you need the money and go back to your regular job when things get better. It's just temporary. It's important to note that. Bola sokunbi, thanks so much for that important advice. Sports at all levels have

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