Waco: Focus on paying for essentials as financial stress mounts, planner says
WACO, Texas (KWTX) - The pandemic has caused a lot of financial stress as people have lost jobs, or may be working fewer hours, but bills still need to be paid.
A local financial planner said there are a few things people can do to help stay afloat.
Phil Van Duivendyk has a capital management firm in Waco.
He says during the pandemic, there was a lot of fear especially as the stock market changed.
Van Duivendyk said the stock market is getting back to normal and other businesses are starting to recover.
However, people still may be struggling financially.
The supplemental unemployment benefit from the federal government has stopped, and another round of stimulus checks aren’t in the mail, at least not yet.
Van Duivendyk said people should focus on making sure the essentials are paid for.
“You need to pay of course your living expenses, which could be your utilities and your important things to keep you alive, and pay your bills,” Van Duivendyk said.
He added people should keep their credit in good shape and cut back on any expenses they can, like eating out.
Van Duivendyk also recommended saving money, if possible.
“You can still put a little money away, and every little bit counts,” Van Duivendyk said.
“And just like the Depression, there were a lot of people who came through that and somehow they survived by doing less and saving a little bit as they went along.”
Van Duivendyk said even as the economy recovers, people can still consider cutting back on extra costs to save a bit of money.
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