How to Prevent Your Finances from Sinking During This Pandemic?

We’re all in the same boat. Most of us worry about our finances during this pandemic since many people can’t work and many businesses can’t operate. There is also the looming possibility of a recession if this pandemic gets longer. 

As soon as you can, start doing extra steps in preventing your finances from sinking. With proper financial planning in Vancouver, you should be able to prevent your finances from getting significantly affected by the pandemic. Here are some things you can add when doing financial planning in Vancouver: 

• Spend only on necessities

 

Curtail your spending and only buy things that are necessary right now. You probably don’t need those things anyway.  Keep track of your expenses and make sure you create a budget that you can follow. 

• Focus on building your emergency fund 

Even when money is short, make sure you still have some of it allotted for your emergency fund. These are the situations where your emergency fund can be used but if you still have some money now, don’t touch your emergency fund yet. 

• Start looking for other ways to earn money 

There are other ways to earn money. You can take up online jobs. You can sell your services online as well. You can sew and sell what you made. Be creative and find one thing that you do so well and try leveraging on that. 

• Avoid incurring debts

 

Even if you are desperate, try to make ends meet without incurring debts. It will just make your situation a lot more difficult. 

If you need help sorting out your finances, you can turn to financial experts from Chalten Fee-Only Advisors.

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