Financial Lessons that 2020 Taught Us

December 31, 2020

In a year where many families across Canada faced some form of hardship, it’s easy to feel swept up in the negative and focus on what was challenging or lost. This is understandable, but it can be much easier to move forward with a positive outlook, an emphasis on gratitude and a focus on what we learned. Here’s a look at some of the financial lessons we learned and shared in 2020. To get personalized financial advice, please reach out to the easyfinancial team. We are here to help!

The importance of emergency savings

Everyone knows that it’s ideal to have money in savings for a rainy day, but most Canadians live paycheque to paycheque and struggle to make this happen. If 2020 has taught us anything, it’s that anything can happen and it’s best to be prepared. If you are able to prioritize your rainy day fund — even if that means a very small contribution each month — you’ll be better protected from financial stress in the future. Here’s a great post on starting your emergency savings account.

How to save money in hard times

When money is tight, you’ll want to save wherever you can. From utility bills to discretionary spending, every bit helps. We’ve shared several posts over the past year with great tips for saving money. This practical, effective financial advice can work for anyone and will help families save and build money over time. Popular posts included Take Control of Your Finances, How To Lower Your Grocery Bill, Using Credit Card Points To Your Advantage and our DIY Gift Guide for the holidays.

How to make money in hard times

Whether you lost work or needed to increase your earnings to make ends meet, many hard-working Canadians looked for additional sources of income in 2020 — a great solution. To help support our clients and community, we put out these simple guides to getting into the gig economy or starting your own business. If you’d like personalized advice on these topics or require funds to get started (or make up for lost income), please let us know — we have the people and resources to help.

The benefit of having quick access to affordable credit

When times get tough, having access to affordable credit can make all the difference in surviving or thriving — a great lesson that’s rooted in having good credit. Your credit score is a key part of getting access to loans and credit cards, so it’s best to build and preserve your credit rating. In a series of posts designed to help Canadians access credit when needed, we talked about why it can be harder to get credit when you’re self-employed, why cancelling credit cards can actually hurt your credit score, and how loan or credit card applications can impact your credit rating. We also talked about building good credit as a student or as a new Canadian, and how to rebuild your credit score after bankruptcy.

How loan protection can help

There are situations in life we cannot predict, and challenges that require emergency attention. If you are dealing with major obstacles such as involuntary job loss, a serious illness or significant injury causing temporary or permanent disability, you may not be able to make the required payments on a personal loan. And, if you were to suddenly pass away, your family may not be equipped to cover your debt. Loan protection insurance is a huge help to those in need of additional support and protection. It can cover all principal and interest payments on your personal loan for up to six months, providing much-needed peace of mind to you and your family. To learn more about loan insurance protection plans, please visit this page of our website. Remember, you can never be too safe with your financial future and the financial well-being of your loved ones. On that note, it’s also critical to remember the importance of fraud prevention.

If you need a personal loan, we are here to help

As we’ve discussed here, 2020 was an exceptional year with unprecedented challenges. If you struggled this year, you are not alone. Financial stress is common right now, but there are ways to access money to help you through this challenging time. You can now get approved for a personal loan in minutes, even with low credit or no credit history. An application is fast and easy, and it won’t affect your credit score.

We know that each of our customers’ situations is unique, and we are committed to working with you to help you find a solution that will best fit your needs. Please contact your easyfinancial branch or easyhome store, or give us a call at 1-888-502-3279 to learn more. We are here to help.

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