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Personal Finances and COVID-19

We know this is a stressful time. We’ve got some tools, support and information to help you understand your credit options and manage your finances through this difficult period. As always, sign up for free to check and monitor your credit score, anytime.

3 Tips to Manage Finances

Create a Short-Term Budget

Get an understanding of money coming in, and going out for the next 3 months. Gather all your statements (bank and credit cards) and list all your expenses. Divide them into ‘needs’ (ie. rent/mortgage, minimum loan payments), and ‘wants’ (ie. gym, entertainment) - prioritize in order of importance then compare the total to expected income. If you foresee a shortfall, start with 'wants' and explore reducing, freezing accounts or eliminating.

Budgeting Tips

Manage Bill Payment Plans

Creditors and lenders are aware that COVID-19 is going to impact people’s lives. Governments, companies and institutions are all adjusting and offering different forms of forgiveness, grace periods or payment schedules. Check official websites and/or get in touch with customer support to see what solutions are available.

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Understand Your Credit Options

You may need some extra help to cover a potential shortfall, or you could want to look at a safety net. Planning ahead is key to getting as many options as possible and preventing high-interest loans in the future. Make sure to explore all your options (like adjusting your budget and calling your creditors) before you take on additional debt. Everyone's situation is different. Become a Borrowell member and find the options that match your credit profile and likelihood of approval - it's completely free.

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Read More On The Well

5 Ways To Manage Financial Stress

Canadians are stressed about finances, to the point of physical and mental distress. If you’re one of the 74% of our members who say they are experiencing major stress as a result of the current situation, or one of the 30% who are losing sleep, you understand the physical and emotional toll on your quality of life.

The Borrowell Team

Apr 22, 2020

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