A lot can change in a short amount of time.
In December unemployment was at a 50-year low, incomes were up and consumer confidence was high. Fast forward to May, and the coronavirus pandemic has shut down most of the world and more than 30 million people in the U.S. have lost their jobs.
And if you are recently unemployed, Andrew Prignitz, a certified financial planner, says the key to budgeting in these uncertain times is to know where to focus your energy.
Prignitz says that no one can predict how long it will take for things to recover, and the economy isn't what you should be worried about right now. "The mindset that we teach to our clients is to focus on controlling what you can control," he says.
Being proactive also is important. Prignitz recommends you contact all of your creditors and see if they can help.
Check out this video to see the other tips that Prignitz suggests you follow when the bills are piling up and you are out of work.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.