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Thanks to COVID-19, this year has been tough on everyone, from the obvious health concerns to job losses to lockdown anxiety. Many Canadians are worried about their financial situation, and for good reason. Worrying isn’t productive though; instead, make a plan. A common approach is building an emergency fund: The Canadian Government suggests keeping enough money in savings to last three to six months. This is easier said than done for most people, but now that managing personal finances is more important than ever, it’s time to strategize.
Saving up for a “rainy day” or securing yourself an emergency fund is actually easier than it seems, but you need the right method and the right tools. If your budget is stretched to the maximum and you feel overwhelmed at the thought of saving or budgeting, you’re not alone. Reclaiming your finances in this time of uncertainty will provide some much-needed security.