Taking charge of your finances


(NC) About half of Canadians experienced a financial impact due to COVID-19. And women were disproportionally affected by the pandemic.

If keeping up with bills and financial obligations has become a challenge, you’re not alone. There are ways you can begin to take charge of your personal finances once again.

Know your options

If you're having trouble paying for ongoing expenses or anticipate challenges in making ends meet in the near future, contact your financial institution to find out how they can help.
During the pandemic, many banks provided their customers with financial relief programs, including the option to temporarily defer mortgage payments. While many of these programs have ended, banks continue to encourage customers to discuss other relief options with them.

Set a budget

A budget can help you stick to a debt repayment plan and establish spending priorities. It can also incorporate a savings plan tailored to your needs.

You can use the Financial Consumer Agency of Canada’s free interactive online budget planner to create a personalized budget. It includes tips, advice and alerts to help you take charge of your finances.

Try to avoid taking on more debt

If you must borrow money, make sure you understand the cost of different credit products before you decide, and borrow only what you need.

Certain credit products are more expensive than others due to their high interest rates and fees. For example, a payday loan should be your absolute last resort, as they often have very high fees.

Find more information at canada.ca/money.


Media Attachments Related Posts Terms of Use

All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "www.newscanada.com" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.

Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.