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Financial tips for those recently laid off

Posted at 7:10 PM, Apr 03, 2020
and last updated 2020-04-15 12:21:30-04

OMAHA, Neb. (KMTV) — A record number of Americans have filed for unemployment, leaving many wondering how they’re going to get by for the next few weeks and months. Some local financial experts are sharing advice to help get people through those tough times.

“While there’s financial pain right now, if we can get through that collectively, then we can get to the other side of this, and we can reconcile the financial challenges that have occurred now,” said Brian Payne, Assistant Professor of Finance at UNO.

To help you get through those challenges, communication is critical. If you can’t pay your rent, or your bills, let your landlord and those companies know.

“It’s easy for a collector to take action when they don’t have any understanding of the circumstances,” said Payne.

If you are in a position to put some money on your bills, do so.

“If it’s a $50 bill and you can afford $5, send the $5 in,” said Todd Feltz, of Feltz Wealthplan.

Feltz also recommends cutting costs to save some money. “It’s things like cable, it’s things like taking a look at your car insurance and what are some of the things you have there, maybe it’s life insurance. Maybe it’s the match you’re putting in your 401K.”

If you have a job currently, don’t quit, as that will prevent you from getting unemployment. If you’re out of work, there are employment opportunities, especially in essential fields.

“Food services, transportation, construction, we see Amazon and Wal-Mart are hiring like crazy,” said Payne.

Don’t be afraid to ask for help, or to get some meals from food banks if needed. Many are also waiting on the government’s stimulus check, to which Feltz says don’t spend it all at once.

“Spend as little as you can on that and try to make that last because the problem is you’re probably not going to have any relief for the next 30-60-90 days,” said Feltz.

If you have any further financial questions, contact Feltz Wealthplan at 402-691-0200.