What Parents Need To Know About Taking Control Of Their Finances After COVID-19

 

 

The first step to taking control of your finances after the COVID-19 pandemic is to thoroughly analyze them. For many Canadians, they have been used to a world where money came in to their accounts and they paid their bills. Not really having to manage their money.

 

We understand that for some of you, you’ve had less income during these tough times. Less income mixed with the same amount of expenses can be emotionally draining.

 

Here’s a PRO TIP, separate the emotion. Most parents will continue to struggle because the emotions they experience looking at their bank statements dictates their actions. But that doesn’t have to be affecting you. After all they are just simply numbers and we are about to show you how to get your finances back on track.

 

 

There are two focuses you need to have: Income & Expenses

 

 

For Canadians who are really struggling you might need to look for new way to produce income. For some of you working extra hours might make more sense. But the idea here is you have enough income to maintain the expense that you want to keep.

 

 

 

Next we want to look at items you need to shop. Things like you cable TV, phone bills, internet are all things you can shop around to see if you can find a better plan at a better price.

 

Some banks and credit card companies such as TD Canada Trust have realized that due to COVID-19, people will have a hard time making monthly payments, hence now offering payment deferral programs. Make sure to check with your financial institution before doing this as some companies will limit the total amount of credit you have if you choose to defer payments.

 

Last, find those things you can cut out. Is your gym billing you even though they are not open? You can put a stop payment on them right away.

 

By doing this you’ll be able to take control over your finances. And get back to the new normal.

 

 

When all else fails seek professional advice. You see, it’s okay if you don’t have all the answers. However reach out to someone who can help might be the best next step. Get someone that can help you understand your bills and get control of your new finances after COVID-19 pandemic.