(NC) Are you among the many Canadians finding it difficult to stay on top of living expenses or save money during the ongoing pandemic?
Some of us have lost our jobs or been forced to find new ways to make ends meet. A new survey shows how difficult thats been.
FP Canadas Tale of Two Pandemics survey has found that more than a third of respondents say their household expenses have increased in the last year, while nearly a quarter say theyve been unable to save money.
The new data also reveal that nearly two in five who were working at the outset of the pandemic have experienced a job loss, a pay cut or a reduction in work hours over the past year.
Shannon Lee Simmons, a certified financial planner in Toronto, offers these tips if youve recently lost your job or have gone from a two-income to one-income household:
1. Revisit your spending.
Create a new budget that incorporates your reduced income level, and pay particular attention to line items that can be eliminated. Dont forget youll see a decrease in some costs, including childcare and commuting.
2. Reduce debt.
Make it a priority to pay down highest-interest debt first. Talk to your bank about consolidating loans.
3. Embrace frugality.
That may mean learning to cook or sew, as old fashioned as that sounds. Ask yourself before you spend: Is this something I need, or something I want?
Find a qualified financial planner near you at findyourplanner.ca.