About 10 million Americans have filed for unemployment insurance in the last two weeks due to the coronavirus pandemic.
And with many state labor offices overwhelmed, it may be a while before people start seeing any money rolling into their bank accounts.
Erin Lowry, author of “Broke Millennial Takes On Investing,” typically writes for a cash-strapped audience and knows how scary it can be to think about finances when you currently have no income or savings.
“The very first thing that you need to do if you find yourself out of work, with the bottom falling out, is to assess your situation. And by that I mean you have to face your numbers.”
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Lowry recommends that you sit down and write out exactly how much you need to meet your bare essentials like food, shelter and utilities. Then start assigning the money you do have to meet each of those needs. For any other bills or payments, Lowry says you should call the company and explain your situation, because your priority needs to be extending your money to cover your essentials for as many months as possible.
Check out this video to learn more about budgeting and to see Lowry’s other essential tips to keeping your finances afloat during the coronavirus downturn.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.