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Budgeting help for when the CARES Act expires

Posted at 11:05 AM, Jul 14, 2020
and last updated 2020-07-14 11:05:59-04

INDIANAPOLIS — The CARES Act has been giving thousands of Hoosiers an extra $600 per week in unemployment benefits, but it's set to expire in 17 days.

If you've lost your job due to COVID-19 and are receiving unemployment, John Amatulli, of Amatulli and Associates Financial Services, says one of the first things you'll want to try and do is budget that money for just the necessities.

Amatulli says pay your bills, but then save what you can. If you find you had more money than you thought leftover, it doesn't necessarily mean you should pay off a chunk of credit card debt right now or splurge on an item. While that can be tempting, Amatulli says we have to remember we're still in a pandemic, and there is a lot of uncertainty around the job market for many people. Instead, it might be a good idea to try and hang on to that cash and put it in a savings account.

"I recommend to clients to try to have a six months emergency fund set up because if things get bad again in the fall, there is money there to make expenses," Amatulli said.

Amatulli also says to remember if you were hired for another job today, it might still be a week before you actually start working, and three weeks or more before you receive a paycheck. He says it's important to do what you can to make this extra money today last for when you need it later.

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