Recently, many COVID-19 budgeting tips articles tout information that may sway the average consumer in the wrong direction. Budgeting during the coronavirus pandemic is actually a little different. Taking care of your ongoing fixed costs like mortgage and insurance can be difficult if you’re navigating a layoff. With restaurants and bars closing along with several other industries, facing economic uncertainty is pretty much a sure thing during difficult times like these. More than one million Canadians are out of work due to the novel coronavirus.
The Importance of Budgeting
Budgeting is the foundation for all of your financial goals. Whether you want to get out of debt, save up for a home, car, or vacation, or leave something for your family when you pass, budgeting is the key. If you have yet to formulate a budget for yourself, now is the perfect time to set yourself up for the long term. Below you’ll find 6 COVID-19 budgeting tips you can use during the pandemic.
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