1. Get advice from a financial expert

Happy young friendly african american man in eyeglasses wearing headset with mic, looking at camera. Smiling professional financial advisor consulting clients online, solving problems issues.
fizkes / Shutterstock

Working with a financial professional is one of the most effective ways to plan for the future during periods of economic uncertainty.

FP Canada™ found that almost 75% of respondents who said they use the services of a financial planner felt confident about their financial well-being during the pandemic, compared to only 57% of those who don’t use a planner.

A financial planner can help you prioritize your goals, offer valuable insight regarding your investments, and build you a personalized financial strategy for the future.

Many banks provide free financial planning services to their customers, so it’s worth looking into whether you’re eligible for a free consultation.

If you don’t qualify for free financial advice from your bank, you might want to consider using an independent certified financial planner (CFP) instead.

There are online CFPs available that work exclusively over video chat and email, so you won’t have to worry about going into an office any time you need financial advice.

You can also easily connect with a Sun Life Financial advisor near you. They understand that making sound financial decisions can be difficult in times of uncertainty. Sun Life Financial advisors offer personalized advice to help you make informed decisions and reach your goals.

Grow Your Savings Effortlessly with Moka

Automate your savings with every purchase and watch your money multiply. Moka rounds up your transactions and invests the spare change. Start building wealth effortlessly today. Join thousands of Canadians embracing financial freedom with Moka

Sign up now

2. Fine-tune your monthly budget

woman budgeting on computer
fizkes / Shutterstock

Every dollar helps during the pandemic, and you might be surprised at how much you can save just by making a few tweaks to your monthly budget.

Create a spreadsheet of your monthly expenses and identify any non-essential items that you can cut out for the time being.

For example, if you subscribe to multiple streaming services, pick the one that you use the most and cancel the rest. You can always re-subscribe once you’re on steadier financial ground — and you might even qualify for a free month when you start up again.

If you want to bring down your weekly grocery bill, you should try shopping at a few different stores in your neighbourhood. Prices can vary a lot between grocery chains, and you might find that your typical go-to store is not the best option.

Wherever you shop, make sure you’re using a cash back app to earn rewards on your purchases.

There are a variety of free cash back apps available in Canada — some work on a points-based system, while others pay out in actual cash.

3. Keep your credit score up

Man Holding Smart Phone Showing Credit Score Application On A Screen
Andrey_Popov / Shutterstock

Your credit score is a three-digit number that plays an important part in your overall financial health, so you should make an effort to keep it in good shape during the pandemic.

Lenders use your credit score to determine whether or not to give you a loan or a credit card, and a good score will help you qualify for the best interest rates on a wide range of financial products.

Don’t worry if you haven’t checked in on your credit score in a while (or ever) — learn your score in just minutes using a free service like Borrowell.

You can see your score whenever you want, and get notified by email any time it changes.

If your score is lower than you’d like, Borrowell will give you personalized recommendations on the steps you can take to bump it up

Some Borrowell users have seen their score jump by more than 100 points in just a few months.

Unexpected vet bills don’t have to break the bank

Life with pets is unpredictable, but there are ways to prepare for the unexpected.

Fetch Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.

Plus, their optional wellness plan covers things like routine vet trips, grooming and training costs, if you want to give your pet the all-star treatment while you protect your bank account.

Get A Quote

4. Trade in your high-interest debts

Top view of stressed young asian woman trying to find money to pay credit card debt.
Pormezz / Shutterstock

If you’ve been relying more heavily on your credit cards during the pandemic, you’re likely racking up a significant amount of interest.

Credit card interest can bite if you’re only making minimum payments — it quickly snowballs until you're left with a pile of debt.

Whenever possible, try to make payments that are larger than the minimum requirement.

If your credit score is solid, you may be able to save some money by bundling your credit card balances together into a low-interest debt consolidation loan.

With a debt consolidation loan, you’ll only have to make one monthly payment at a much lower rate. You can potentially reduce your monthly payment by hundreds of dollars and become debt-free much sooner.


Trade Smarter, Today

With CIBC Investor's Edge, kick-start your portfolio with 100 free trades and up to $4,500 cash back.

Shane is a reporter for Money.ca. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.

Explore the latest articles

Credit card hacks for international travel

Many credit cards offer amazing travel benefits, but it's important to be mindful of fees, safety and hidden charges that can quickly add up

Winston Sih Journalism lecturer | Contributor


The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.