10 things to know during times of financial uncertainty
- Keep track of your money.
- Commit to a spending plan. Making a budget will help you stick to a plan and stay on top of your finances.
- Minimize your debt. Borrow only what you need.
- Protect yourself from financial fraud. One in five Canadians say they were a victim of a financial fraud or scam in the last two years. This is according to Financial Consumer Agency of Canada FCAC (2019) “Canadians and their Money: Key Findings from the 2019 Canadian Financial Capability Survey”.
- Build good financial habits. FCAC’s Budget Planner is a free, interactive tool that allows you to create a personalized budget that you can save and update online.
- Understand your financial products and services. If you are having trouble paying your bills, your financial institution may be able to offer you some relief options, such as mortgage deferrals.
- If you can, set aside some money for unexpected expenses. Setting up an emergency fund will help keep you from having to take on debt in the future if something unexpected happens.
- Order your credit report. You can order a copy of your credit report for free from Equifax Canada and TransUnion Canada.
- Have a plan to repay your debt. FCAC has a step-by-step guide to repaying debt and free tools, such as the Financial Goal Calculator.
- Reassess your financial goals. Budgeting helps you understand what goals might need to be postponed or changed.
Source: canada.ca/financial-literacy-month
~Wakenya Canada
