6 Steps to Take During Times of Financial Uncertainty

6 Steps to Take During Times of Financial Uncertainty

As you all know, we’re faced with an issue that is affecting us whether directly or indirectly. I wanted to make this post particularly for those who are facing financial issues due to impact of Covid-19. I know it’s easier said than done to stay calm but here are some things you can do to get ahold of your financial stress.

1. Follow Up On What Your Country is Implementing.

Many gov officials have announced the financial measures that they are putting in place for citizens. If you’re in Canada, here’s a link on what the government has to say on this matter (will be redirected to Canada.ca). There are options available for student loans, for unemployment, mortgages, etc. There are still some things in the works so I’d advise that you check-in online when you have time to keep tabs on the updates.

2. Check Out the Options Available for Your Bills

 Some companies/servicers have sent out communications about the measures they are taking where customers are concerned. For instance, the phone company I’m with is waiving payments on certain features (ex. long-distance calls). Though they aren’t waiving the monthly phone bill altogether, they are offering flexible payment options. If you aren’t sure what the companies you’re with are doing, call in or check their website for information.

Furthermore, if you are having difficulties making payments due to loss of income, please advise your creditors, utilities or whichever company of this. They are aware of the pandemic and that many have taken a financial hit. You never know what’s available or what measures can be taken unless you speak with them.

3. Evaluate Your Situation

What’s going on out here is not your fault! I understand that this may be affecting you but when you are in the space to do so, take the time to evaluate your situation. By this I mean, look at how you were doing before the current turn of events. How were you doing financially? Was that working or not working for you? Is there room for improvement once things get back to normal? Are there some goals you can set going forward?

This is not an easy moment however with social distancing, you may have a moment to think things out. If change is needed, where can you begin? It’s good to plan sometimes.

4. Cut Down On Spending

It is not the best time to overspend right now. Get the necessities, which are things you can’t forgo (ex. food and medication). However, since we still need some form of entertainment/leisure, explore ways you can have fun at a low cost! 

5. Beware of Scams

Unfortunately, some people still take advantage of others. Please be careful as they often target via phone call, text and/or email. Do not click on any suspicious link and remember that law enforcement doesn’t send threats of arrest. More details are available about the scams around Covid-19 in Canada via this CTV news article (click here and you will be redirected to ctvnews.ca).

6. Job Hunters: Keep Searching

If you were searching for work prior to the pandemic or were planning on searching for a job now, keep at it! There are numerous postings in various industries lately despite social distancing. They may not hire you right away if they are closed and/or there’s no work-from-home option but at least you have something lined up once things are back to normal!

In addition, some employers have started doing video interviews so the recruitment doesn’t stop! There’s also an emergence (well started before) of remote work so there can be something you can do in the meantime and/or going forward!

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That’s all I have for today folks! Please look after yourself and be safe. Also, take some time out of your day to practice self-care. If you would like to talk about your finances and need help with creating a strategy, you are always welcome to reach out to me via email nisha@nishachelsea.com or social media (links are below) to schedule a date to talk! 

All the best,

 Nisha 

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