RAPID CITY, S.D. (KOTA TV) - The pandemic has impacted the lives and wreaked financial hardship across the country.
Dealing with your finances can be difficult enough, but what happens when you add a pandemic to the mix? (KOTA)
A financial advisor for BMS Financial Advisor, Jarrett Apa says, we have technically entered a recession, due to the large drop in economic activity.
Apa says this recession is a bit different, and we can consider it a bookend recession because we know what caused the drop, and we know how to stop it.
But now some may wonder how they should handle their money.
Apa says people should keep an eye on their finances, by knowing what they're bringing in versus what they're spending.
"Another thing to recognize is that an additional $600 that was tied to the unemployment is going to be going away as well. So make for that adjustment and see what are your priorities. What bills are the prioritizes? What are your priorities for spending and make sure they balance out," says Apa.