About half of Canadians experienced a financial impact due to COVID-19. And women were disproportionally affected by the pandemic.
If keeping up with bills and financial obligations has become a challenge, you’re not alone. There are ways you can begin to take charge of your personal finances once again.
Know your options
If you’re having trouble paying for ongoing expenses or anticipate challenges in making ends meet in the near future, contact your financial institution to find out how they can help.
During the pandemic, many banks provided their customers with financial relief programs, including the option to temporarily defer mortgage payments. While many of these programs have ended, banks continue to encourage customers to discuss other relief options with them.
Set a budget
A budget can help you stick to a debt repayment plan and establish spending priorities. It can also incorporate a savings plan tailored to your needs.
You can use the Financial Consumer Agency of Canada’s free interactive online budget planner to create a personalized budget. It includes tips, advice and alerts to help you take charge of your finances.
Try to avoid taking on more debt
If you must borrow money, make sure you understand the cost of different credit products before you decide, and borrow only what you need.
Certain credit products are more expensive than others due to their high interest rates and fees. For example, a payday loan should be your absolute last resort, as they often have very high fees.
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