Local financial adviser offers tips on how to make it through coronavirus crisis

With the coronavirus pandemic causing many workers to lose hours and jobs, its important to see what are your financial options.

 "I have no job and I am running errands just to get enough money to buy food and I have four people at home and none of us are working." said Jose Valdez.

Jose Valdez, a resident from Rancho Mirage, is one of many trying to find some source of income to stay a float during the coronavirus pandemic

"We barely scraped up to pay rent this past first but we probably won’t have any money to pay rent next month," said Valdez.

Valdez said he went through all of  recurring payments and started cancelling some of them in hopes of saving money.

“I only kept one of them, I closed all of the other accounts and not ordering anything, " said Valdez. "Well there’s no money to buy anything.” 

Many are finding it hard to make ends meet and keep their home finances in order, we spoke to a financial planner that has some advice to help you during this time.

“To keep the budget as simple as possible separate between you’re discretionary and your non- discretionary spending," said Nolan Saini. "Non-discretionary is your food, the housing, maybe your medical expenses that you really need for your family to survive and discretionary are the things you can essentially live without.”

Saini said its key to go through your bank and credit card statements and see what are your expenses for the month and from there start prioritizing.

“Ask yourself would I take out a loan to cover this expense, would I take out a loan to have this streaming music service, this streaming movie or gym membership," said Nolan Saini.

Saini said if you are struggling with limited funds and need to defer payments, consider this.

“Really just try and keep that money that you are pushing down the road to minimum," said Saini. "Try to keep it as low as you can because keep in mind, you're going to have to pay it back in the future.”