Mindful Moment with Mike: The Importance of Having a Budget in Place

Mindful Moment with Mike: The Importance of Having a Budget in Place

SIDE PICKUP... MANYOKLAHOMANS ARE LOSING THEIRJOBS... OR BRINGING HOMELESS MONEY.

SO HOW CAN YOUMAKE ENDS MEET?

TWO WORKSFOR YOU'S MIKE BROOKS TALKEDWITH A FINANCIAL EXPERT...FOR TODAY'S MINDFUL MOMENTWITH MIKE.I TALKED WITH LIZ STIDHAM...WITH TTCU... AND SHE SAYSNOW MORE THAN EVER YOU NEEDTO HAVE A BUDGET.

FIRST...YOU HAVE TO ADD UP HOW MUCHMONEY IS COMING IN.

INCLUDESAVINGS... YOUR STIMULUSCHECK... AND YOUR TAXREFUND.

AND LOOK AT YOURTOTAL INCOME FOR THE NEXTTHREE MONTHS.

THEN COMESTHE HARD PART..."We gathered what's comingin ... this is the hardpart.

How much is goingout!, "Yes, this is the hardpart so now you know whatyour income is.

So now youhave to take a hard look atwhat your expenses are.

AndI've always told ourmembers, separate out yourexpenses into needs andwants.

You're going to haveto satisfy your needs.

Thosewants, you need to set thoseaside.

Basically you've gotto have housing , you haveto have food, you need tokeep your utilities paid anddon't forget aboutinsurance.

It's criticalright now to keep yourhealth insurance going.Obviously if you're comingout in the positive, you'rein the black still, thenyou're okay with your incomecoming in.

If you're not,which unfortunately for alot of people that is goingto happen.

Then you need tostart adjusting what do Ineed to pay on those needs.And what I mean by that isthat's when you need to pickup that phone and you needto start calling or emailingyour lenders So yes,definitely call your lender,call your credit union, callyour bank.

Who ever it isyou prefer, just give them acall because I guarantee youthey've got some solutionsfor you.LIZ ALSO SAYS MAKE ONLY YOURMINIMUM PAYMENTS RIGHT NOW.IT'S UNUSUAL TO ADVISE THATBUT THESE ARE UNUSUAL TIMES.BECAUSE WE DON'T KNOW HOWLONG THIS WILL LAST... ANDYOU NEED TO STRETCH YOURINCOME AS FAR AS POSSIBLE.SO D AMOGE NOT YOOR O A.

INDST.COUT YROUBLL NEME ELK REPG F LIOBEEIVEPAS IEN CFOR OVER