Thursday, April 23rd, 2020
For many families, mine included, this year has had some financial ups and downs. Even before the onset of COVID-19, my husband, who is an Ontario teacher, was on strike and earning a decreased income.
While it hasn't been easy to adapt to the changes, we're learning how to make better decisions with our money as we go through these different financial situations. Here are some things that are working for us.
Being glued to my screens lately has made it very tempting to indulge in some online purchases. Instead of spending my money on special things for myself, I make sure to use gift cards, rewards programs and points I already have.
I also give myself a "cooling off" period before making a purchase. I put some items in my virtual cart and take a few days to decide if they're things I really want.
Some ways I've been able to treat myself that are free or inexpensive are: making a DIY body butter with ingredients I have at home (great for dry hands from all that hand-washing), reading eBooks from my local library and recreating some of my favourite restaurant meals at home.
In reaction to the shortages on a lot of common food and household items, as well as dealing with overall stress, I was finding myself buying things unnecessarily, from toiletries to junk food.
What's helped us avoid making irrational purchases and buying things we don't need is doing a weekly inventory and meal planning. We'll take a look at what's in our freezer and pantry first, and figure out what meals we can make with those ingredients. We then make a list of items we need and stick to that list as much as we can when we go shopping, which has helped curb our impulse buying.
Even though times are changing, we still have savings goals we're trying to reach. I'm a goal-oriented saver so typically if my goal is taken away, like a potential summer vacation, I lose some motivation.
During this time, I've found it most useful to change my perspective to stay motivated. Postponing a goal doesn't mean it's off the table completely. Although we might have to dip into our emergency fund in the coming months, we know we'll also have more time to build our savings back up at a later date. For now, I'll use any potential future savings to top up my emergency fund.
This article or video (the “Content”), as applicable, is provided by independent third parties that are not affiliated with Tangerine Bank or any of its affiliates. Tangerine Bank and its affiliates neither endorse or approve nor are liable for any third party Content, or investment or financial loss arising from any use of such Content....
The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. No information contained in the Content constitutes, or should be construed as, a recommendation, offer or solicitation by Tangerine to buy, hold or sell any security, financial product or instrument discussed therein or to follow any particular investment or financial strategy. In making your financial and investment decisions, you will consult with and rely upon your own advisors and will seek your own professional advice regarding the appropriateness of implementing strategies before taking action. Any information, data, opinions, views, advice, recommendations or other content provided by any third party are solely those of such third party and not of Tangerine Bank or its affiliates, and Tangerine Bank and its affiliates accept no liability in respect thereof and do not guarantee the accuracy or reliability of any information in the third party Content. Any information contained in the Content, including information related to interest rates, market conditions, tax rules, and other investment factors, is subject to change without notice, and neither Tangerine Bank nor its affiliates are responsible for updating this information.
Tangerine Investment Funds are managed by Tangerine Investment Management Inc. and are only available by opening an Investment Fund Account with Tangerine Investment Funds Limited. These firms are wholly owned subsidiaries of Tangerine Bank. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.