Ways of managing your finances during the unprecedented times

May 12, 2020

As we all know the COVID 19 health crisis is unprecedented in our life time and the cost in human lives has been devastating around the world. The financial cost has also been extreme and left many of us struggling to cope financially as non-essential businesses are forced to close. Managing your finances prudently during this uncertain time is more important than it has ever been and proactively checking on options for assistance benefits, payment deferral’s and loan options is crucial for many weathering the financial storm we are experiencing.

We are fortunate that the Government of Canada and many businesses have aided Canadians to help overcome their financial difficulties at this time. To see which assistance program you are qualified for, check out the summaries from Government of Canada and BC Government, which outline various support programs at federal and provincial levels.

In addition to these programs most banks and credit unions have taken initiatives not only to allow mortgage payment deferrals for up to 6 months but also to lower down their credit card rates and allow payment deferral on credit cards/lines of credits as part of their financial relief effort to their clients. Deferrals, if approved, do not affect your credit scores but result in some additional interest accrued on the unpaid interest over the deferral period. Nevertheless, it will temporarily help to improve your cash flow if your income is affected by the COVID 19 situation.

Please feel free to reach out to us if you have any questions about managing your finances during these challenging times.