With millions of Americans left struggling after being laid off, or losing their jobs thanks to the coronavirus pandemic, many people across the country are worried about how they will pay their bills, keep a roof over their head, or even put food on the table.
Financial expert Suze Orman sat down with Hoda Kotb and Jenna Bush Hager during the fourth hour of NBC’s TODAY show to offer some tips on how we can manage our lives with no paycheck coming in.
I'm on the @TodayShow with @HodaAndJenna sharing tips for people who have lost their jobs during this coronavirus pandemic. You need to hear this. #personalfinance https://t.co/L3yKvbr61s via @TODAYshow
— suzeormanshow (@SuzeOrmanShow) April 1, 2020
Orman told Hoda and Jenna there are four things everyone should do: Check your health insurance, call your creditors, apply for unemployment, and save any stimulus or unemployment check you may receive.
“Believe it or not, it’s not about how you are going to pay for things,” Orman told TODAY viewers. “Can you just please check to see if you have health insurance in place? That is so important…Among everything, this is not the time to be caught without health insurance.”
Orman also suggested doing something she doesn’t normally encourage – using your credit cards and paying only the minimum.
“Can you believe Suze Orman’s telling you, ‘Please use your credit cards’?” Orman joked with TODAY viewers. “And only pay the minimum payment due on them. You might even want to call your credit card companies and ask them to expand your credit limit, to increase it.”
“What people should be doing is putting themselves first,” Orman said. “If you get a stimulus check, if you get unemployment — which you should all apply for — please be careful what you do with that money. You should take care of yourself first.”
“Save your money to get through right now because these are hard times but you can do it, people, you have what it takes,” Orman shared “You have to be a warrior and not turn your back on this battlefield, and you have to have faith that everything happens for the best. You’re stronger than you know.”