Protecting Your Finances During COVID-19

Covid-19 financial tips are becoming more prominent in recent news.

The coronavirus (Covid-19) is the centre of focus globally. And while your health is of the utmost importance, maintaining control over your funds remains a high priority.

From dwindling retirement savings to loss of income due to layoffs, the spread of the coronavirus is prompting many to review their personal finance situation.

It’s got to be quick though, because closures begin Tuesday, March 24^th.

As businesses shut down and shelves clear of supplies, here’s what you need to do to keep your finances healthy. Watch the video below for more Covid-19 financial tips and information.

Short-term Covid-19 financial tips for Coronavirus

If you want to protect your finances in the midst of this alarming pandemic, break your goals out into long and short-term goals.

This can help give a better view of your most pressing concerns.

The coronavirus has already had far-reaching effects on the global economy and our stock market. But even if you’re not invested in domestic and foreign markets, there are financial concerns much closer to home that this global pandemic can cause.

The tips below can help you keep your finances in working order during the Covid-19 crisis.

Don’t ignore COVID-19 notifications from your financial providers

• Read the emails
• Take the actions they mention

If Covid-19 financial pressure is mounting, call your creditors and lenders

• Get ahead of the issue by making a call and explaining the situation
• Remaining behind on payments without reaching out can be detrimental to your credit

Do not engage in panic purchasing

You may have seen footage of shoppers clearing grocers of their food and cleaning supplies.

• Buy what you need but not more
• Ask yourself if this purchase is essential; “Do I really need this much toilet paper?”

If you’re stuck at home, take some of your time to build financial literacy

• Follow the FCAC’s guidelines and consider how you can save money during this time of uncertainty.
• Calculate your credit card payments or other expenses to see where you are.
• Read financial blogs and review your budget.

Long-term financial tips

The long-term economic effects of COVID-19 financial implications can be far-reaching. It may even trigger another global recession. With that in mind, it’s important to shore up your finances against long-term economic instability.

Reduce expenses to increase savings and avoid new credit card debt

• What subscriptions can you cancel immediately to save money?
• What tactics can you employ to conserve:
  • Water
  • Energy
  • Food
• Cancel trips and non-essential travel

Focus on paying off the debt you already have

• Stay current with your payments and pay on time
• Know how much you have at all times
• Set up automatic payments

Expand your emergency savings fund

• Social distancing may come into play, so seek out remote opportunities if you can
• Reallocate funds from nonessential categories to bolster your emergency fund

Consolidated Credit Counseling Services of Canada’s counselling team is here to help!

What other Covid-19 financial measures are you taking? Due to public health safety concerns, we have canceled all upcoming financial education workshops until further notice.

Our trained credit counselling and client services teams are still available to help. You can call to receive free credit counselling at any time. Counsellors can help you address any challenges you’re facing with your budget and credit card debt. If you’re already a client, our client services team is on call and available to help with any account issues you may be having.