Sign In/Sign UpTRENDING BASIC MONEY MANAGEMENT TIPS
TRENDING BASIC MONEY MANAGEMENT TIPS
05.13.2020 / Lifestyles « Back to all articles
Overcoming Financial Hardship During COVID-19
COVID-19 and the loss of work are creating financial hardship for many people. It becomes more challenging with each week of the pandemic to cover expenses. People are now faced with the issues of which obligations can be met and how to prioritize payments. Increasingly, there is not enough money in personal budgets to make any headway on bills. If you are trying to manage your finances through this crisis and falling further behind, it’s important to reach out for assistance before the problem deepens.
Deferrals and Delays
Businesses and financial institutions are uniquely aware of the hardships people are experiencing due to COVID-19. Communication is imperative to help you through this time. Start making calls. Many essential bills can be delayed or reduced to help with your immediate needs.
Financial institutions are offering mortgage deferrals, which allow customers to skip house payments for a specified time. The same is true for car and credit card payments. This can provide significant relief and free up funds to meet other obligations. This money can be used to budget months ahead until stability is more attainable.
Emergency Funds
Canada’s Economic Response Plan has created the Canada Emergency Response Benefit (CERB) for persons who have lost income. This taxable benefit was recently established to assist citizens affected by COVID-19. This also benefits certain groups who are at risk due to the pandemic. There are additional public support programs available, so researching all your options is worth the effort.
If you were able to establish personal emergency funds before the crisis, this will be a good resource. You can use this money to pay down debts or budget for upcoming months. It’s important to see how you can make this money work the best for you by offering relief and security for as long as possible.
Debt Avoidance
The tendency in a financial crisis is to seek available funds as quickly as possible. Many people have fallen into the trap of using credit cards to pay bills and get cash advances. This just adds more stress and is another issue you have to manage. It is best to avoid additional debt at this time. Some credit card interest rates are exorbitant. People who borrow a lot against their credit cards under stress are vulnerable to defaults and long-term credit problems. While this crisis is presenting unusual circumstances, it is still important to look to your continued financial health and seek other forms of assistance first.
Receiving financial assistance during the COVID-19 crisis is essential. Whether it’s getting deferrals on payments or applying for assistance, get started before the situation becomes even more difficult. Try to avoid additional debt and budget the money you have wisely for the foreseeable future.
Mortgage 101: What You Should Know
05.13.2020 / Lifestyles « Back to all articles
Overcoming Financial Hardship During COVID-19
COVID-19 and the loss of work are creating financial hardship for many people. It becomes more challenging with each week of the pandemic to cover expenses. People are now faced with the issues of which obligations can be met and how to prioritize payments. Increasingly, there is not enough money in personal budgets to make any headway on bills. If you are trying to manage your finances through this crisis and falling further behind, it’s important to reach out for assistance before the problem deepens.
Deferrals and Delays
Businesses and financial institutions are uniquely aware of the hardships people are experiencing due to COVID-19. Communication is imperative to help you through this time. Start making calls. Many essential bills can be delayed or reduced to help with your immediate needs.
Financial institutions are offering mortgage deferrals, which allow customers to skip house payments for a specified time. The same is true for car and credit card payments. This can provide significant relief and free up funds to meet other obligations. This money can be used to budget months ahead until stability is more attainable.
Emergency Funds
Canada’s Economic Response Plan has created the Canada Emergency Response Benefit (CERB) for persons who have lost income. This taxable benefit was recently established to assist citizens affected by COVID-19. This also benefits certain groups who are at risk due to the pandemic. There are additional public support programs available, so researching all your options is worth the effort.
If you were able to establish personal emergency funds before the crisis, this will be a good resource. You can use this money to pay down debts or budget for upcoming months. It’s important to see how you can make this money work the best for you by offering relief and security for as long as possible.
Debt Avoidance
The tendency in a financial crisis is to seek available funds as quickly as possible. Many people have fallen into the trap of using credit cards to pay bills and get cash advances. This just adds more stress and is another issue you have to manage. It is best to avoid additional debt at this time. Some credit card interest rates are exorbitant. People who borrow a lot against their credit cards under stress are vulnerable to defaults and long-term credit problems. While this crisis is presenting unusual circumstances, it is still important to look to your continued financial health and seek other forms of assistance first.
Receiving financial assistance during the COVID-19 crisis is essential. Whether it’s getting deferrals on payments or applying for assistance, get started before the situation becomes even more difficult. Try to avoid additional debt and budget the money you have wisely for the foreseeable future.
