HOUSTON, Texas (KTRK) -- These are certainly trying times for everyone, but with about 40% of Americans who can't afford a $400 emergency ABC13's Chelsey Hernandez spoke with financial expert Chris Hogan to find out how consumers should prioritize their finances during this time.
"I think the big thing is in conserve mode, once again delete the streaming service, getting rid of the gym membership and getting rid of the cable. We have to have this mindset. This is not something that will fix itself quickly. We will come back from this and have a real plan going forward," said Chris Hogan, a celebrity financial expert.
Chris says 'Conserve Mode' starts with the four walls of your budget including food on the table, that means eating what's in your pantry and not going out to restaurants. It also includes paying your utilities, rent or mortgage, and finally budgeting gas to put inside your vehicle for transportation.
We know that HUD has announced foreclosures will be halted, and families of four could receive a check of $3,000 under the U.S. Coronavirus Relief Plan.
However, Chris says you can't plan on this money coming in forever so you will need to create a budget and be smart with those checks too.