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...

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 dow...

Financial planning and management are really important if you are a startup and want to stay alive in this highly competitive & dynamic business environment. Lack of financial planning will surely result in big monetary losses and eventually the closing down of the business. Therefore, both financial planning and management is vital for startups to sustain & succeed in the long run. Here are a few financial tips that you’d like to keep in mind as a startup.  Cash flow management is critical:    The majority of startups fall short for different reasons, but one’s far more prevalent than others – running out of money. You must have an idea on where your cash flow is coming and going towards. Having a firm grip on revenue management not only makes you more aware of the business standings but also helps in better planning.    You are likely to put your startup in a tricky position if you fail to stay on top of your cash flow. Irrespective of how good your idea i...