In these days of economic uncertainty due to the pandemic, many people are experiencing job loss, reduced or lost wages and difficulties when it comes to meeting their financial obligations. There are steps we can undertake to better address the current situation and prepare for something like this in the future. Focus on necessities like food and shelter and eliminate expenses on unnecessary things. It is a good idea to consolidate debt and refinance if possible. Of course, just like in normal times, saving to cover immediate expenses should be one of the most important goals.
- Save enough money so you can cover an entire year’s worth of expenses.
- Refinancing or consolidating debt can help ease payments through the pandemic.
- Unnecessary expenses include things like dining out at restaurants and buying coffee daily from a store.
“First, focus on the important things like food, transportation and shelter while eliminating some unnecessary costs.”
- It’s all about cash flow.
- Bank of Canada rate cut to mean cheaper borrowing and lower interest on savings
- Canadians’ mortgage deferrals far outpace the US rate
- After BoC announcement, more experts say low rate environment here to stay
- Average Canadian debt rose 2.7 per cent to $72,950, says Equifax Canada