Holiday Season is around the corner, be sure to budget

Next few months could be difficult for many

Next few months could be difficult for many

DETROIT – With the holiday season approaching and a new stimulus deal still in the distance, many people are taking a hard look at their finances to budget for lean times.

There’s no doubt about it -- COVID-19, skyrocketing unemployment and the delay of a stimulus deal is having a major impact on the bottom line for families everywhere.

The economic impact of coronavirus has been severe. Millions are unemployed and struggling to survive financially.

RELATED: How to get help while battle for second round of stimulus checks stalls in Washington

Having some type of a budget is essential -- especially as we head toward the Holiday Season, when spending is up for many.

Look at your bills

Take a look at all your bills and expenses to prioritize and determine what are the “must-pay” bills. The goal is to avoid a negative hit to your credit rating.

Create a budget

As for holiday spending, set a plan and create a spending budget for each person on your list.

Shop around

Stores know many are struggling and deals are all around -- especially online. Traditional Black Friday deals may be a thing of the past as stores offer you incentives to shop early.

Talk to people

If you are having financial problems now, contact your landlord, your mortgage company and credit card companies. Many currently have programs in place to work with you to help avoid late fees or worse.

About the Authors:

Hank Winchester is Local 4’s Consumer Investigative Reporter and the head of WDIV’s “Help Me Hank” Consumer Unit. Hank works to solve consumer complaints, reveal important recalls and track down thieves who have ripped off people in our community.

Dane is a producer and media enthusiast. He previously worked freelance video production and writing jobs in Michigan, Georgia and Massachusetts. Dane graduated from the Specs Howard School of Media Arts.