LANSING, Mich. — Americans are being forced to make hard choices when it comes to how to spend their money during this uncertain time. But as Amanda Brandeis learned, there are some experts – all over the country – who are offering their help free of charge.
In a COVID-19 survey, 9 out of 10 people said the crisis caused stress on their personal finances.
Kristin Pugh, Pro Bono Financial Advisor states that “I’ve got to pay this, this, this and this, which one is the most important? Also we’re getting a lot of calls of people just contemplating bankruptcy.”
Kristin Pugh is a Pro Bono Financial Advisor with the Financial Planning Association – pro bono means she helps clients free of charge.
“in short, growing up poor made it so i have a particular, want, or need to help the community.”
Pugh and Advisors around the country are banding together to help those hit by COVID-19 and are making an offer to help anyone plan next week’s budget or next year’s, for free, no strings attached, but they’re not getting many calls.
"Financial planning evokes having money, or having wealth I should say, stocks and bonds, that’s not the case.”
She says regardless of your income, anyone with bills and money to manage can benefit. “There’s no such thing as a dumb question when you’re talking to a pro bono planner.”
The help could range from a few phone calls to a 6-month relationship.
Right now Pugh’s advising many clients to try and get bills lowered or postponed, like your credit cards or cell phone bill.
Susan Capra, lost her job in 2008 recession. “I learned a lot about calling up the agencies and seeing what they can do, you never know unless you ask, pick up the phone and ask what are they doing to support the people in your situation.”
Susan Capra learned this during the 2008 recession after her dream job in the fashion industry was eliminated. “I remember walking out in complete shock, thinking my life was over,” but then she got scrappy. Instead of renewing her expensive car lease she opted to put a little money down on a used car with low payments.
“Focus on the biggest bills you have and figure out how to either reduce those big bills, defer those big bills, get help.”
One of Pugh’s clients did this with a collection agency, negotiating a lower lump sum payment.
“I think it was somewhere from $500 and we were able to get it down to $300.”
She says taking these steps can also help protect your credit score – which is critical for your future.
As Capra explains “this is not the first financial crisis we’ve been through, it’s not the last. this is everyone’s opportunity to educate yourselves and know there’s light at the end of the tunnel.”
All it takes is a phone call.
Other tips to lower your expenses - call your cell phone provider. Right now several companies aren't charging late fees or terminating service but you must notify them of your hardship. Companies like Comcast and AT&T offer low-income households internet for 10-dollars a month. To find a certified pro bono advisor in your state -- there's a full list online.
Go to www.financialplanningassociation.org.
When there, look for the box that says pro bono opportunities.
Want to see more local news ? Visit the FOX47News Website.
Stay in touch with us anytime, anywhere.
Download our free app for Appleand Android
and
Sign up for newsletters emailed to your inbox.
Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.
