These tips are for informational purposes only – contact a licensed financial advisor for advice about your specific situation.
COVID-19 has changed daily routines and challenged us in ways we never even imagined. For some, this pandemic has meant less work hours or even job loss, which in turn has created significant financial stress.
How can you manage financial stress? We sat down with Nicolas Samaan, a licensed financial advisor with almost 20 years’ experience in the financial industry, and a regional leader of PlanRight® advisors at Manulife to talk about ways to help manage your personal and family budget during a pandemic.
Create a personal budget
Talk to a financial advisor
Health and wealth go hand-in-hand*. When it comes to your health, you rely on a doctor to help. The same concept should be used when approaching your finances. A financial advisor can help maximize your financial wellbeing. In the end it could have a big impact on your overall wellbeing.
Separate wants from needs
What is considered a need and a want can vary from person to person. Take some time to decide what it is that you need right now and in the future. How much are you willing to spend on that need? Your financial advisor may be able to help you balance your wants versus needs and how they fit into your budget!
Review programs available to you
Here are a number of assistance programs the Canadian and provincial governments have created2 to help those that have been impacted by reduced wages and job loss. Based on your individual situations what is available may vary. Take some time to better understand what you may qualify for.
Review your savings and investment plan
Set up a time to review your savings and investment plan. What do you need in the short term versus the long term? This will help you better determine the best plan for you now and in the future.
This article is intended for your information and educational purposes only.
PlanRight® Advisors are fully licensed financial advisors that can help eligible Manulife Group Retirement Solutions members get the most from their group savings program and make financial decisions for life’s big and little moments.
* Mental Health Commission of Canada (MHCC) - Case Study Research Project, 2015 Interim Report