With no income coming in and thousands waiting on unemployment benefits, money may be beyond tight.
Here are four steps to take to help manage your money during the coronavirus pandemic.
Prioritize your bills
Ask yourself, if I don't make this payment, will I be unsafe, or unhealthy? If the answer is yes, then pay that bill.
If not, look into a deferment program. For example, Puget Sound Energy will not disconnect customers for nonpayment during the pandemic. You can create a payment plan, and there's also pandemic assistance available for income qualified customers.
Handling debt
Hold off on aggressively paying down debt. Pay the minimum balance if you can, but experts say don't go to extremes.
Also, consider refinancing your debt into your equity if you’re paying 20% interest on credit cards.
Get an in-between job
It may be hard to be excited about finding a job to bridge the gap, but financial planners say it could lead to a better job down the road.
“Those who are proactive today will likely…secure some of those positions for the future where those that might be a little bit slower to get to the punch, maybe they don't get hired and they were a better candidate,” said David Stryzewski, CEO of Sound Planning Group.
Tighten your budget and save
If you still have an income, save what you can. Financial planners say the goal is to have six months worth of savings to pay for essential expenses like rent and utilities.