There is so much uncertainty in the economy and job market at the moment and whether you are still working, working with reduced hours or have stopped work due to COVID-19 there is no time like the present to go through your financial situation and see where you can reduce unnecessary expenses or take advantage of any offers your bankers/lenders are offering. We’ve compiled 5 of (in our opinion) the best short term actions you can take in regards to your finances.
- If your income has been impacted by COVID-19 apply for the CERB ASAP.
- If you are currently in any lease agreements call your lessor (landlord, car company etc.) and see if you can come up with a modified agreement to help you through the slow down while honouring your agreements.
- Review your subscriptions (Netflix, Prime, Apple etc) and see which ones you are using and cancel all the ones you aren’t.
- Create a spreadsheet of all your earnings and expenditures to stay on top of your spending
- Book a free consultation session with a reputable financial advisor. Many advisors in the Toronto area are having free seminars and are even offering free one hour sessions to help people begin their financial planning.