Digital First: Managing finances during COVID-19 pandemic

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JACKSON, Miss. (WJTV) – The COVID-19 pandemic has caused millions of Americans to become unemployed. Local financial expert, Reginald Thompson, has been working in finance for more than a decade. He said the first thing those who unemployed should do is contact their lenders.

“What everyone should be doing is talking to their creditors, to your credit card companies, talk to your mortgage companies, talk to whomever you have debt with and let them know your situation. And right now, hold times are crazy, so you want start early in the day because you might be on hold for two or three hours,” Thompson explained.

Even though the government is offering stimulus checks and increased assistance, Thompson is urging everyone to manage their spending and develop a budgeting plan.

“What the government is doing is fine, but there is some personal responsibility we got to take now and take that going out of COVID-19 and do some things differently. Doesn’t matter how much you make, it’s how much you save. So when you looking at the profit margin of a household, it’s only what we save that’s important. You have to make that determination up front in order to work all the rest of the numbers so they make sense. That’s how we should budget.”

Thompson also said it’s important to plan for an unpredictable future once the virus is contained, and it’s important to have emergency cash on reserve.

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