Back-to-school ABCs for working parents: Working parents are facing some tough financial decisions

MILWAUKEE - Back-to-school this year is anything but normal and working parents are facing some tough financial decisions. Local financial advisor Brad Allen form Drake and Associates join FOX6 WakeUp with some simple ABCs that can help guide those decisions.

A - Awareness

A is for awareness. Make sure you are aware of all your options. One parent could stay home with the children, switch to part-time hours, adjust their work schedule or continue to work. Talk with your employer and see if they are making any adjustments to policies to help parents be flexible during the upcoming school year.Call your childcare provider and ask if part-time childcare is available should you choose to change the number of hours you work. Figure out if you could benefit from the Families First Coronavirus Response Act. This allows parents who work in companies of certain sizes to take up to 12 weeks of paid time off if they're caring for a sick family member or a child whose school is closed due to COVID-19.I have a link on my website, wealthwisconsin.com, to learn more about the new law.

B - Budget

B is for budget. Start by writing out your current budget. List your income and expenses; ideally, your income will be more than your expenses.Then outline your budget if you were to reduce your hours or go from a two-income household to a one-income household. Again, you still want your income to outweigh your expenses.If you choose to change the income coming into your household each month, start acting like the changes are effective today, which could mean big cuts to your expenses. Should one parent become unemployed, understand unemployment and the benefits available to you.

C - Communication

C is for communication. Make sure you and your partner are active participants in your finances. One-third of couples say finances are a big source of stress and concern in their relationships. It's also one of the leading causes of divorce. That's before you add in the inherent stress of the coronavirus, recession, potential job loss, etc. During this pandemic, we have more time to tackle those tough conversations in an open and honest way. You'll be more successful financially if you work together as a team!