WACO, Texas — Many across the country are feeling the economic pinch of the coronavirus crisis.
A Bankrate study shows more than 31 million Americans are dipping into their retirement fund, or plan to do so.
The coronavirus pandemic has forced millions of people to apply for unemployment benefits. Rolandus Johnson a financial advisor at Eagle Strategies in Waco has noticed that some are not contributing as much money into their retirement, while others are doing the opposite.
"Those that had the ability to have those savings, it's been a blessing for them, but for some others that didn't quite have the opportunity to plan and put some of those things in place it's been a little bit of a struggle,” Johnson said.
When it comes to saving money there isn't a perfect answer for everyone.
Johnson’s advice is It doesn't matter how much money you make. Create a plan, have a budget in place, and stick to it.
"There's always money,” Johnson said. “When you really sit down and really look at what's coming in and what's going out, you find places where oh I can cut back on this, or I can cut back on that, and next thing you know you have $200 to $300 sitting there every month left over."
Johnson said although it may seem difficult in a time like this, it's never too late to start saving.
Once you get into a habit of doing that, you'll be on the right track and better prepared for an unexpected situation.
"We work hard for our money so we want to go spend it and that's okay,” Johnson said, “but it's being smart with how we spend it and you know making sure we're keeping track of things is where we can ultimately win.”