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TRENDING BASIC MONEY MANAGEMENT TIPS
05.18.2020 / Budgeting « Back to all articles
Smart Money Moves to Manage a COVID-19 Recession
Many Canadians are concerned about how they will pay bills as the COVID-19 pandemic continues and recession takes hold. Good decisions are the key to weathering this financial storm. It is important to make smart money moves by examining your budget and seeing where you can make critical cuts in expenditures. It may also be necessary to seek assistance programs to help with household costs and boost your monthly income. Directly facing money issues and seeking the support you need are two of the best choices to make in the coming months.
Seek Debt Relief
No one can anticipate how long this pandemic will last or the full economic impacts it will leave in its wake. Experts mostly agree it will be months before economies slowly adjust to the changes and employment begins to recover. It is important to recognize this emergency and to begin taking steps to protect your financial well-being. A good first step is to contact your creditors and ask for payment deferrals. Many are offering up to several months of skipped payments. This can mean sizable savings for a personal budget and allow time to apply for benefits while developing a long-term monetary strategy.
Reduce Spending
Most household budgets have room to cut costs. Reducing non-essential expenses is an immediate way to feel some relief from mounting debts. Look at items like cable costs, gym memberships, coffee outings, food takeout, monthly entertainment services, online purchases and monthly subscription fees. It may surprise you how much of your money goes to these recurring bills. Even after a recession has lifted, many people no longer have the desire to resume previous spending habits as people are seeing the benefits of spending more time with family and enjoying outdoor activities. These are great ways to manage stress and reduce costs.
Apply for Benefits
If you have recently lost your job, it’s good to check with your employer to see what financial relief programs they may offer. If you are eligible. the next thing is to apply for unemployment. This can offer extended relief during the COVID-19 crisis. Canada also approved a new taxable benefit through its Economic Response Plan.
The Canada Emergency Response Benefit (CERB) was established to assist citizens who need additional financial help due to the loss of income from the pandemic. There are other provisions for individuals and families. Canada is also providing support programs to indigenous peoples, seniors and students. It’s worth the effort to check out all the ways you may qualify for assistance.
Smart money moves during this recession are mostly common-sense steps. Paying attention to overall costs in your budget is essential. Until the COVID-19 crisis abates, making prompt changes and getting help can offer you peace of mind.
Credit Talk
05.18.2020 / Budgeting « Back to all articles
Smart Money Moves to Manage a COVID-19 Recession
Many Canadians are concerned about how they will pay bills as the COVID-19 pandemic continues and recession takes hold. Good decisions are the key to weathering this financial storm. It is important to make smart money moves by examining your budget and seeing where you can make critical cuts in expenditures. It may also be necessary to seek assistance programs to help with household costs and boost your monthly income. Directly facing money issues and seeking the support you need are two of the best choices to make in the coming months.
Seek Debt Relief
No one can anticipate how long this pandemic will last or the full economic impacts it will leave in its wake. Experts mostly agree it will be months before economies slowly adjust to the changes and employment begins to recover. It is important to recognize this emergency and to begin taking steps to protect your financial well-being. A good first step is to contact your creditors and ask for payment deferrals. Many are offering up to several months of skipped payments. This can mean sizable savings for a personal budget and allow time to apply for benefits while developing a long-term monetary strategy.
Reduce Spending
Most household budgets have room to cut costs. Reducing non-essential expenses is an immediate way to feel some relief from mounting debts. Look at items like cable costs, gym memberships, coffee outings, food takeout, monthly entertainment services, online purchases and monthly subscription fees. It may surprise you how much of your money goes to these recurring bills. Even after a recession has lifted, many people no longer have the desire to resume previous spending habits as people are seeing the benefits of spending more time with family and enjoying outdoor activities. These are great ways to manage stress and reduce costs.
Apply for Benefits
If you have recently lost your job, it’s good to check with your employer to see what financial relief programs they may offer. If you are eligible. the next thing is to apply for unemployment. This can offer extended relief during the COVID-19 crisis. Canada also approved a new taxable benefit through its Economic Response Plan.
The Canada Emergency Response Benefit (CERB) was established to assist citizens who need additional financial help due to the loss of income from the pandemic. There are other provisions for individuals and families. Canada is also providing support programs to indigenous peoples, seniors and students. It’s worth the effort to check out all the ways you may qualify for assistance.
Smart money moves during this recession are mostly common-sense steps. Paying attention to overall costs in your budget is essential. Until the COVID-19 crisis abates, making prompt changes and getting help can offer you peace of mind.
