CARY, N.C. (WTVD) -- The COVID-19 global pandemic has halted economies around the world, leading to a record number of people filing for unemployment. As financial anxiety mounts, David Schawel, the Chief Investment Officer of Family Management Corporation in Cary says focusing on four things should be the priority for finances during these uncertain times.
"I would focus on four things: "Their home, their bills, utilities, and their food," Schawel said. "After that, the most important thing to focus on is any extra extraneous expenses that I would put on hold for the near term. We don't know how long the coronavirus will last so putting aside extracurricular expenses is probably the best thing to do at the current time."
Schawel said people should reach out to their credit card companies, banks, and other financial institutions to seek payment assistance or delays if they are experiencing hardships to make payments, noting that many companies are willing to work with customers.
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Schawel says the sooner you can contact financial institutions the better and stressed the importance of staying calm during the uncertainty.
"We don't know how long this will last, but, it is important not to panic," Schawel said.
Coronavirus NC: Focus on these four things during COVID-19 spread, Cary financial expert says