As if life during the pandemic hasn't been hard enough, we also are reaping the financial consequences. Whether your job has been directly impacted by Covid-19, or not, the ever-changing state of the world has presented not only financial, but emotional turbulence in our everyday lives. These two pillars of life often work together, and when one fails, the other usually follows suit. However, we want to stress that your net worth shouldn’t affect your self-worth. During these unprecedented times, we understand how stressful managing finances is.
Following some tips by Dan Hinz, in “How to Adult with Money” in a few simple steps, we will show you how you can easily and affordably tackle your money issues during a pandemic.
Set Clear Goals Using Real Numbers
Although goals are important, we must stay flexible; as this past year has proven, we never know what can happen next. Goals could range from paying off your credit card debt, improving your credit score, saving for an emergency fund, or saving for big purchases, university or retirement. A crucial step to setting your goals is to make sure they are realistic, so that you can identify what objectives you want to achieve, estimate the amount of money and other resources necessary, and determine how long it will take to achieve each of your objectives! We want to stress that even if these goals do not go as planned, you can re-adjust your finances and be successful.
Track Your Money Using an App or Spreadsheet
Apps are incredibly useful in all walks of life, especially with tasks that can be scary, like budgeting. A budgeting app might be just what you need to help you reel in your expenses and get your personal finances under control. There are a plethora of budgeting applications to choose from, each seeking to stand out from the crowd. In a quick search of the Apple or Android app store, you're sure to be flooded with many useful apps, but Paste magazine has put together the top 10 best planning apps for your finances.
Budget and Keep an Open Dialogue with Those Who Your Finance Effects
Whether you manage your funds with a significant other or you are a lone ranger, it's important to continue regular dialogue with the people in your life who matter most.
The Canadian government even provides an online budget planner to help you create and manage your budget through tips, guidelines and alerts. Through this platform, you can personalize your budget to meet your needs, and you can see charts and comparisons to your average Canadian.
Get a Secured Credit Card
Using a Plastk secured credit is not only an amazing way to build credit but also to help you arrange your finances. Plastk even has an app where you can sign it securely, check your points to see how much you’ve earned and check your card balance with ease. Plastk helps their customers build, rebuild or strengthen their credit profile. Plastk Secured Visa can help you reach your financial goals by offering low interest rates, high-value rewards, the best credit insight and exclusive member perks!
Disclaimer: The content provided on the Plastk Financial Inc. Blog is information to help Canadians become financially literate and learn about credit. Plastk is not responsible for building or ruining an individual's credit score or credit rating. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment, credit inquiries, and all other decisions should be made, as appropriate, only with guidance from a qualified professional.