Staying afloat during COVID-19 has been a challenge for most households especially now that the unemployment rate has risen due to companies closing down their businesses. People that are living by paycheck to paycheck are the ones taking the hardest hit in their finances.
In this article, we’ll provide you with some important tips to help you take control of your finances during the COVID-19.
Why is budgeting more important now more than ever?
Without proper budgeting in place, even a $10,000 monthly budget cannot get you successfully through the month. Creating a financial budget will help your money go a long way, compared to not having one as you can easily lose track of your spending and most likely find yourself falling short.
Times are uncertain because of the impact of the coronavirus pandemic on your mortgages, car payments, loans, and credit card bills are more critical due to job losses and reduced work hours. That is why budgeting to save money for emergencies will greatly add help remedy financial emergencies if and when required.
3 Tips to Take Control of Your Finances
1. Understanding “Wants vs Needs”
Analyze your personal finances by separating the essential from the luxury. This is not just simply cutting cost, but also being disciplined to maintain a budget that is allocated for primary things that are needed in your daily lives.
Needs are things that are essential for you to live and to perform as a human being. Commonly, these are recurring expenses that appear to take a huge chunk of your paycheck. For instance, nowadays, healthcare can be considered a necessity. “Wants” on the other hand, are expenditures that help you live more comfortably, such as leisure or to have fun.
You can also list all the things you buy or the services you pay for, starting from groceries to bills. Then categorize it into two groups: wants and needs. Then you can trim down things you don’t really need urgently and postpone its purchase if necessary, to make room for more cash flow.
2. Earn More Money & Save
There are many things that you can do to earn more money, some will do a side gig while others will look for a higher paying job. While this can work, it is a huge decision to make.
There are simple things that you can do to save money. Start from your cable subscriptions and credit card fees. You may call these companies and tell them that you are a good, long-term customer and that want to know what they can do to lower your rates. In simple words, negotiate a better rate with these companies and you can save a few hundreds of dollars per month. Instead of leaving your current job and start looking for a new high paying job, it is also wise to start negotiating a raise with your Manager.
3. Pay Off Your Debt
It’s a fact that the longer you wait to pay off your debt, the faster it grows and accumulates interest, and it becomes difficult to get rid of. Paying down your debt should be your priority when planning on getting in control of your finances. While this may sound very difficult, it is possible. Some people have debt from Credit Cards, Personal Loans, HST, 407, Household Bills, Personal Taxes, Car Loans, Payday Loans, and Student loan; and might feel overwhelmed by these. But there is a government-approved debt relief program to help you easily pay off these debts altogether.
Debt Consolidation is one of the best options to consider when planning to pay off your debt. We will help consolidate your debt into a single and affordable monthly payment. Our debt relief program is designed to help Canadians with debt over $10,000. The program is easy, guaranteed, and painless.
If you owe more than $10,000 or more worth of debt, you need to know about this information that will change your life, forever! This is a government-approved debt relief program that will help you reduce 50%-75% of your debt. That means you only have to pay a portion of your debt and the rest is forgiven. We offer a free consultation for anyone in Canada looking to take control of their finances and eliminate debt.
National Debt Relief Services welcomes anyone who needs help in getting rid of their debt. We don’t charge upfront fees, even if you don’t use us; you will have known an important government program that can help you finally solve your debt problem.
We offer a personalized debt relief and consolidation program that fits your unique financial situation. Use the button below to get started and speak to one of our debt specialists who will explain everything about the amazing benefits of our debt relief options.
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