Financial experts offer tips on money troubles caused by pandemic

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This year, most of us have been hit financially because of the COVID-19 pandemic

YOUNGSTOWN, Ohio (WKBN) – With the New Year approaching, a lot of us make resolutions, hoping to spark some positive change.

Some of the most popular ones include exercising, losing weight or learning something new.
But what about when it comes to finances?

This year, most of us have been hit financially because of the COVID-19 pandemic. You’ve probably even had to change some plans.

“The ones that have been significantly impacted have been relying on unemployment,” said Jeff Olenych, a financial advisor with Olenych Financial Group. “A lot of people are cutting back on things they normally did like vacations or trips or just spending and eating out.”

While vaccinations are starting up, Things aren’t going to look much different at the start of the new year. Financial experts suggest if you haven’t already, now is the time to get your finances in check.

“The earlier you can start the better. Even if it’s a small amount, it will pay massive benefits later,” Olenych said.

Olenych suggests putting together a budget, taking 10 to 15 minutes and looking where exactly you’re spending money. He also suggests setting up an emergency fund for unexpected repairs or a job loss. The general rule of thumb is three to six months of emergency expenses, but if you can, he suggests bumping it up.

“Make a list and create a budget to exactly where that money goes. Sometimes, it slips through the cracks,”

While all of this sounds pretty simple, it only works unless you continue to do it.

“Just make sure you have a plan and revisit that plan on a frequent basis. Spend 30 minutes each month and just review your spending habits,” Olenych said.

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