ELYRIA, Ohio — While details are being worked out regarding the nation's coronavirus stimulus package, many are trying figure out how to manage bills before and after a stimulus check arrives.
- Adults get $1,200, married couples could get $2,400 and children receive $500
- A financial expert says people need to make a plan
- People need to be prepared to ask for assistance
The $2 trillion coronavirus aid and relief stimulus aims to help families get through this health crisis. However, will it be enough money to pay rent, credit cards, utilities and other bills?
Barry Mulholland, a University of Akron professor and director of the school’s Financial Planning Program, says people need to make a financial plan to steer them through these tough times.
“The first and most important step is for them to get a real clear honest budget of where their money goes. A lot of people do it in their heads, but I think it’s, this is an important time for for people to put it down on paper and really understand and be really honest on where they are spending their money,” said Mullholland.
“Try to minimize those expenses that you can put off, cut back on entertainment, cut back on things, and focus on trying to make sure you make at least the minimum payment on your debts.”
For those who qualify for the stimulus checks, adults will get $1,200 each and children will get $500. A married couple could receive $2,400.
For people already in debt and unemployed, this coronavirus crisis could still hurt their credit ratings and make it more difficult to get back on track.
Mulholland says these are unheard of times, so you have to be prepared to ask for assistance.
“This is time I always used to use the saying ‘ It’s better to seek permission than forgiveness sometimes,’ and this might be one where maybe you need to call your creditors and talk to them if it looks like you are just not going to have enough to pay all your bills and see what they are willing to expect. It might be your landlord, it might be the utility company, it might be the credit card companies. I think this is unprecedented times. I think this is a good time to be willing to ask for help,” Mulholland said.