Five Tips To Help Resolve Your Financial Difficulties In Light Of COVID-19
As coronavirus (COVID-19) continues to spread across countries and cities, economies across the world have taken a hit. Uncertainty in the markets, declining economy, and rise in unemployment have impacted thousands of lives. If you’re finding it challenging to pay your rent or meet your mortgage payments, and other expenses, you’re not alone.
Managing your finances during these trying times is essential. It’s necessary to keep a few tips and guidelines in mind when you are trying to juggle new financial challenges. To find effective ways to manage your finances and be better prepared to deal with the crisis, Mortgages By Erin has listed five tips to help resolve your financial difficulties in light of COVID-19.
Tip #1: Cut down on costs
For anyone out of work or facing reduced hours due to the pandemic, it’s a great idea to review your finances and look for ways to cut down on non-essential spending. Consider putting together a detailed list of everything that you spend your money on during an average month. Then, strike out anything that is deemed non-essential and only keep the necessary expenses. This is an easy way to reduce the costs incurred.
Tip #2: Talk to your mortgage professional
Brokers are working hard to stay on top of the information surrounding the development of COVID-19, as well as the responses from the Bank of Canada and the Ministry of Finance. They can explain the options available to you and provide further understanding as to how things might impact you personally. Your broker can review your personal situation and provide options and solutions to help you get through these uncertain times.
Tip #3: Contact your credit card companies and lenders
Many families cannot afford to lose their income or even see it decrease. For those already living paycheck to paycheck, you may have already been finding it challenging to make all payments in a timely fashion. Missing payments can have long term adverse effects, so before it gets to this point, it’s a good idea to contact your credit providers to see what options they have available.
Tip #4: Find alternatives
If you find yourself struggling after having your income compromised by COVID-19, there are ways to help supplement your income. Look into Employment Insurance as an option. Service Canada has reduced their wait times and is currently offering EI assistance to individuals affected by the virus.
Tip #5: Stay informed
Information is power, and the more information you have, the better prepared you’ll be to manage your household and finances. Staying well-informed is the key to sound financial management.
If you’re looking for the services of a mortgage broker in Toronto, ON, to help you explore different financial options in times of COVID-19, reach out to Erin Kouvertaris at Mortgages By Erin. With over ten years of experience in the mortgage industry, I can navigate you through the various solutions offered by banks and lenders and find the one that best suits your requirements. I won’t hesitate to go above and beyond to assist you with your needs.
To learn about the services I have to offer, please click here. If you have any questions about how I can help you, I’d love to hear from you. Please contact me here.