WAAY 31's Casey Albritton was live in Huntsville after asking a financial expert how you should manage your money during the coronavirus crisis.
The coronavirus crisis.
I'm standing in front of regions bank--where i've seen people come and go to this drive thru a-t-m all day.
One financial expert told me the best thing to do is eliminate any recurring monthly services you don't need to pay for right now.
Jeff goebel/ musician "awfully sudden, overnight.
I mean we were planning a show on the 14th up in the shoals area and the next week we are out of work."
Jeff goebel is a musician- and typically performs at restaurants and bars.
But now those are closed because of coronavirus.
That means he isn't making any money.
Jeff goebel/ musician "most of the population lives kind of paycheck to paycheck and i'm one of those people."
An advisor with longview financial advisors in huntsville told me people who are struggling to come up with a strict budget.
Andrew gipner/ financial advisor "it's just a matter of understanding what the priorities are, putting that in a list and looking one by one and asking can this be eliminated from the budget.
He says you should eliminate non-essential costs.
Andrew gipner/ financial advisor "there may be some things that are on hold, like gym memberships right now."
He says if you are still having issues paying a bill, reach out to the company itself.
Andrew gipner/ financial advisor "be as honest as possible about the situation saying, 'i've been laid off or my hours have been cut and as a result, this is how much money is coming in and this is how much i think i could pay you."
In the meantime, goebel is now doing facebook and youtube performances-- and accepting donations.
Jeff goebel/ musician "figure out another way to generate income and it's hard because you may have to do something totally different than what you've been doing."
Financial advisors told me this is why they recommend putting together emergency funds so you can be prepared for a situation like this one.
Live in huntsville,
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