Sunil Chugh Financial Planner

​ I t  has now  been many months since COVID-19 arrived and changed the daily lives of people for the time being. All through these months, people have been finding ways to adjust to the circumstance as best they can. And one area that should not be ignored is our finances.    You may be pondering about the best ways to save money during this pandemic. If your finances are feeling a hit from COVID19, it is important to take action and make a plan now. As you look toward the future, take into account these tips for budgeting and saving money during the COVID pandemic and the new normal.   Take a financial inventory of your past & present situation:   Before you make your plan to save money, you must outline what the new normal seems like for you. It is going to be a little different for everybody.    In the last few months, several places all through  Canada  have moved through different types of restrictions. Now, businesses are reopening with specific health  and safety  guide

The ups and downs of our health and wellness, coupled with an economic rollercoaster, have made this year a big challenge in many unaccustomed ways. This is the time to pivot, adjust, and adapt to the new circumstance and re-evaluate your financial status.   If you want to maintain financial well-being in times of crisis, here are the top tips for navigating the new financial planning reality.   An emergency reserve will be vital in the worst-case scenario:  While things have been tumultuous in the market largely because of the COVID pandemic, most Canadians are still gainfully employed. However, if things carry on like they are, we could see many people out of work. To get ready for the worst-case scenario, move as much money as feasible into an emergency savings account. This account is where you can access money for expenses in the event you lose your job.   Here are a few ideas for building your emergency reserve:  Cut down spending: Start by reducing your spending on entertainmen

  Put health issues aside, the Covid-19 has ruined the financial plans of many, probably you too. And if you don’t take it seriously now, you could risk your retirement plans irretrievably. Here’s a 5-point plan to lessen the impact of COVID-19 on your retirement plans. Reduce your expenses wherever possible: Trim your expenses wherever feasible, especially if you’re facing a job loss or salary deduction. The lockdown is a blessing in disguise as it allows us to easily cut back on eating out, shopping, travel and daily commute. You must use this time smartly to reduce unwanted expenses. The more you save today the better your chances of building a healthy retirement corpus. Reassess your retirement goals: If you’re an early jobber, you may quickly recuperate from the setback of Covid-19. However, if you’re in the middle of your career or not far from your retirement age, you’ve to reassess your retirement goal. Relying upon how many years you have to your retirement, you may ei