A COVID-19 Financial Makeover
Find extra money, start a side-hustle, get financially organized!
Finding Extra Money
There are lots of options to bridge a financial gap. Selling your investments like your RRSP’s and TFSA’s in a crisis is tempting. But selling at low investment values means it will be a long time before you can make those losses up. Check out some articles to see ways you can find extra money:
Redo Your Budget
We cannot stress enough how critical it is to eliminate any unnecessary expenses at this time. Conserve your cash, do not buy anything you don’t need, recalculate your budget to reflect your new reality. As we don’t know how long or how severe the isolation will be, it is going to be critical to make the money you have now work best for you. Organizations that are employing workers today may not be able to continue doing so. Consider living on less, try a no-spend month, order in food less and, if possible, find ways to reduce your bills.
Expenses you had before have disappeared and new costs have likely increased. The goal is to recreate a budget that takes the money saved from entertainment, travel, dining out, gifts and more and redirect it to an emergency fund. Check out the top budgeting tools here. Learn how to improve your spending habits here.
Utility companies for power, cable, internet, hydro, gas and more are offering different measures to help their clients through the crisis. Take the time to reduce expenses where you can.
Remember, just because there is an announcement of refunds, it doesn’t guarantee that you will get one. There are many cases of fine print or delays in these refunds. Now is the time to be very careful and focused on your financial life.
Get a Mortgage Deferral
Your mortgage is likely your biggest bill – we give you the full scoop on how to handle it!
Check out our blog: COVID-19: Our Top Tips to Help you Manage your Mortgage Payments
Start a Side Hustle
You’ve been thinking about starting a side hustle for a while, but you don’t know where to begin? Follow the roadmap we’ve put together and you will be making extra money in no time.
Organize your Financial Life
If you are isolated at home, there is no better gift you can give yourself than a fresh financial start. Not sure where to begin? Learn about our Filing Cabinet to get you started.
The forced isolation of the COVID-19 crisis means you have some spare time at home – why not get organized and ahead of your financial life?
Get started by following the steps in this guide. If you are spending more time with family, why not take that time to create a Family Mission Statement? This can refocus your family priorities both emotional and financial. Click here to learn more.
There is no greater reminder than a health crisis to realize the importance of estate planning.
Are your loved ones protected if you pass away? Are your wishes protected if you are incapacitated due to illness. How about your parents? Have they got a will in place? Click here to learn about the steps you need to take.