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EARLY YEARS: Financial expert has advice for families struggling with money during pandemic

Clever Girl Finance founder says negotiate credit card bills, mortgage payments to get through rocky times
Published: Mar. 24, 2021 at 5:11 AM EDT
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ROANOKE, Va. (WDBJ) -The founder of Clever Girl Finance says she created the platform to support women with financial education.

And for most of us, this year is all about recovering from the challenges of 2020.

“One year later, moms with babies and toddlers are really struggling to balance the demands of work, financial and mental stress,” says financial expert Bola Sokunbi, founder of Clever Girl Finance.

That stress is clear, by the results of a survey conducted by Store Brand Infant Formula.

68% of moms surveyed said 2020 was the worst year they had experienced, citing exhaustion, depression, anxiety and isolation.

One way to emerge from the funk is to get your money issues in order.

“It’s looking at your most pressing bills. Prioritizing them, creating a budget and telling every dollar where to go,” says Sokunbi.

She recommends first prioritizing your bills.

If your family is in real financial trouble, talk to your lenders.

“Many famlies are facing financial difficulty right now, so if you are one of them, it’s really important that you communicate with your lenders to let them know you are struggling. Otherwise, they can’t help you, because they don’t know,” says Sokunbi.

She says you can negotiate things such as credit card bills, mortgages, car payments.

Then, create a budget and try to shop wisely.

Sokunbi also recommends creating new sources of income, like getting a better paying job or taking on a second job.

If there’s a silver lining to the pandemic, she says it’s made us more aware of what we spend.

“It’s definitely opened people’s eyes to just prioritizing what is most important and to really thinking ahead as to how they can create a plan for themselves, to make sure that no matter what happens, they can still weather through.”

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