KILLEEN — Personal finance experts stress the importance to stretch each dollar during crisis.
Dr. Marty Hanby, an Assistant Professor of Finance at A&M Central Texas, said, "our lines get blurred between conveniences and necessities."
Hanby explains during the pandemic, the need to understand the difference between our wants and needs is imperative.
“Sit down and figure out where your moneys going...figure out that convenience versus necessities list,“ says Hanby.
Finance experts explain watchful spending is important in all personal finance, but especially during times of strife.
The USDA estimates the average person per household consumes between $165-$365 in groceries per month.
To stretch each dollar, Dr. Hanby says, "buy things that you are going to get multiple meals out of."
He emphasized the importance of buying foods to prepare yourself, instead of processed foods.
“When you go buy prepared food, you’re hiring someone,“ said Hanby, which he says raises the price exponentially.
He also advises looking for items that are less expensive to buy than to make yourself, like rotisserie chickens.
Bottom line - understand the difference between what you want and need, and fill your cart with necessities.