Is your financial situation getting worse? Read This!

Regardless of who you are, what industry you are working on, or what social class you belong to, the economic impact of the COVID-19 pandemic is being felt by everyone all over the world. Now, more than ever, people should be thinking about ways to structure their financial position and figure out how to make it sound better. In this blog, we are sharing with you some advice that would help you make things easier for you and your family, financially speaking.

  1. Get in touch with your lenders and creditors

If you feel like you can’t pay your bills by the due date, we invite you to contact your loan servicers to inform them about your current financial situation. A number of institutions are now providing their clients with payment facilities and options to help them through this period. Examples include payment delays, late fees cancelation, and payment adjustment.

  1. Apply for financial help

If you are eligible for some kind of financial assistance or support, don’t wait! Apply for it! A number of financial help programs are available out there for those in difficult financial situations. Sources from medical EI and Emergency care benefit programs to work-sharing programs and rental assistance programs are designed to help you in such tough moments. Therefore, it’s time to apply for these, in case you are qualified.

  1. Create an emergency budget

We cannot deny that it’s too late to talk about emergency savings now. However, one can still build an emergency budget out of the little income that he or she is left with during this period. Start by featuring and outlining your most important expenses, which are housing costs, food expenses, transportation, and medical expenses. Also, keep in mind that many of our expenses have been reduced lately, due to quarantine. Examples of these include entertainment expenses, fuel, travel expenses, and similar other costs.

  1. Avoid the temptation of borrowing

It is true that interest rates are now decreasing; however, one should not think about credit during such uncertain times. Another option to think about instead of borrowing is saving. Instead of involving yourself in a cheap credit, try to put the money you would have used in payments on a savings account. Once economies recover from this crisis and financial predictions become more relevant, you can start thinking about credit.

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