Many North Texans have an inbox full of first of the month bills, and many may not be able to pay them all because of short paychecks and lost jobs.
NBC 5 has gathered the best advice from financial experts on how to survive the coronavirus economy.
Even if you can't make your rent, the State of Texas has temporarily suspended evictions. That means you will be able to stay in your home for at least the next three weeks through April 19.
The state also made it so your utility company cannot shut off your power or water for the next six months.
The latest news from around North Texas.
Financial advisor Derrick Kinney says that if you cannot pay, you need to reach out as soon as possible.
"What I would tell you is this, if you are behind on a bill right now, make that your number one priority. Call the lender, call you creditor, let them know your situation,” said Kinney. “It's not unique, because this is happening to many, many people right now. Work out a payment plan for your situation."
Kinney says when you’re in a 911 situation, the top priority is making it through the next three to four weeks until that stimulus check arrives. Here are some immediate steps to take right now according to Kinney.
- Make a list of bills you’re behind on.
- Prioritize the bills, and find the money to get caught up.
- Evaluate your options for getting money quickly: that includes, checking, savings, investments, 401(k), borrow on home equity.
- Derrick also tells us to consider looking for full or part-time work to keep bringing at least some money in and now more than ever is the time to cut expenses wherever possible.