Whether it is Covid-19, or a future pandemic, it is essential to prepare for the dangers that can come.
Many Canadians do not have an emergency fund. This is a liquid, usually cash, fund that is there when hard times hit. It is usually advised that everyone have an emergency fund that is three to six months of your expenses.
Not only do you need to have an emergecny fund, but re-evaluting your budget will also help when the hard times hit. During the start of Covid-19, almost 70% of Canadians reported spending less on non-essnetial items. These thnigs, such as eating out or subscriptions, should be cut out before the hard times come- not just during.
It is also important to explore other revenue options. This doesn’t necessarily mean getting a second job, but see if there are ways to get a little extra income. This could be freelancing or selling some items you no longer need.
For further information on this topic, read here. Contact us today to let us help your financial future.