Financial wellness: Tips for managing your money during COVID-19

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.

Take time to sit down and review what money is coming in and what is going out. We get it, this can be scary, but there are a lot of tools available to help you. Here’s one of them¹.

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.

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!

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. 

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.

Manulife is here to help. Check our coronavirus (COVID-19) page³ regularly, for important information and helpful articles.

This article is intended for your information and educational purposes only.

Links:

• Coronavirus Support Programs for Individuals
• Making a budget – Canada.ca
• Manulife coronavirus update page

Manulife is not responsible for the availability or content of external websites. This article is for your information and education purposes only.

Links:
¹ Government of Canada
² Coronavirus support programs for individuals
³ Update on COVID-19