7 minute read
MONEY AND BUSINESS
Financial decision-making during uncertain times
Tips to keep in mind while making money decisions
these days: When will life return to normal? Will there ever be a “normal” again? When will I be able to gather with large groups of friends and family? And how do I make smart decisions about my money? In uncertain times, it can be really hard to know the best strategies to protect your money, especially if you’ve recently arrived in Canada.
While everyone’s situation is different, making smart decisions about preserving, borrowing, investing and spending your money is a matter of returning to some financial basics. And as November marks the 10th anniversary of Financial Literacy Month in Canada, the timing couldn’t be better.
Here are five key steps to keep in mind while making money decisions today. 1. Don’t panic
The COVID-19 pandemic has caused a great deal of fear and anxiety, especially when it comes to our health and our money. Making decisions from a position of fear, however, won’t serve us in the long run. Our ability to see the future effects of our financial decisions can become clouded by panic.
While times are unsettled right now, and you may feel like you’ve got to do ‘something,’ it’s wise to take a breath, review all your financial options, and consider how any action you take today may affect your long-term goals and priorities. 2. Look closely at your budget
If money is tight right now, see if you can find areas within your budget that can be adjusted to give you some breathing room. Are there subscriptions or memberships you might pause for the time being? Can you trim some extras that aren’t important to you right now? Also, think about whether you’re making any pre-authorized contributions to an investment, or if you’re on an accelerated mortgage payment plan. While these are smart financial decisions when your cash flow is stable, if you’re in the middle of a crunch, taking a break from these additional outlays could give you the relief you need today. 3. Understand your cost of borrowing
If you’ve had to rely on credit to get you through a dip in income, you’re not alone. But if you’re having a hard time paying down your balances, your interest costs may be creeping up — and if that’s the case, it may be time to evaluate how much credit is costing you and look at other options.
Consider credit options that may be cheaper than what you’re currently using. A line of credit, for instance, comes with an interest rate that is considerably lower than a credit card. A consolidation loan, meanwhile, can help you simplify, manage and reduce the carrying costs of your overall debt.
4. Talk to an advisor
It’s easier than ever to connect with a financial advisor wherever you feel most comfortable as most major banks can provide advice online, over the phone or in person – and with no obligation. An advisor can offer a second opinion on the decisions you’re thinking of making, and show you opportunities to save in your day-to-day life. At the same time, they can help you meet your long-term goals and balance both your present and future needs by looking at your complete financial picture.
Just remember, you don’t need to make financial decisions alone. Advisors are here to help you make the most of your money, and guide you through the options that make the most sense for you.
Answers to your money questions, big and small, especially in these uncertain times, will provide you with a better picture of where you are today, and a plan for
People have a lot of questions
your tomorrow. Amit Brahme is senior director, newcomer client strategy with Royal Bank of Canada. Visit rbc.com/newcomers or visit a branch near you for help and advice to help you save more and settle in faster. Written in collaboration with Diane Amato, a Toronto-based freelance writer covering finances, travel and technology.
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Being an entrepreneur is already a challenge
Your best asset can be your optimism
One of the values that characterizes most entrepreneurs is an asset that helps us manage times like the one we are currently experiencing with the pandemic. That is the ability of being optimistic about better outcomes.
We speak from experience. Having spent some time running our growing Calgary-based startup: RemarkaBall, we can tell you that this is what keeps us going.
Our advice to fellow entrepreneurs: live in the moment and focus on what we can have an impact on: our attitude towards any given situation.
When it comes to dealing with our daily lives, try to find balance by appreciating the “small things” such as: exercising, having your daily coffee with someone you love or simply by being thankful for your health.
Let’s not forget the amazing opportunities we can have just by being in this country Canada, which we now call home. If we ask some of our older family members about what is important to them or if they have any regrets, we may be surprised to find out that the “small things” are not really that small. In fact, the most fulfilling memories about earlier events in our lives likely include those times we were simply laughing with our families back in our native country or the hug a loved one gave us on our birthday.
The pandemic has added an extra layer of difficulty to the everyday complexity we all face as immigrant entrepreneurs.
If you are running a business, look at any help the federal or provincial government can offer to help sustain your business during the pandemic. The Government of Canada is always looking for ways to help new businesses as we can be a source of employment opportunities for Canadians or new immigrants while contributing positively to the economy.
Search for opportunities to not only help your business, but to give back by hiring staff who do not speak fluent English, giving them a chance to gain the confidence they deserve to grow professionally in the Canadian workforce. We believe that everyone has a story that has value.
We also invite you to be vulnerable and real with your story. We have taken opportunities to share our story during an inspiring webinar (organized by the Startup & Slay Digital Series) about scaling up food businesses. It can be intimidating to scale up your business, but you have to seize the opportunities to do so. In our case, Giovanna went into a grocery store and asked that our high energy protein balls be sold there – but she did it and now the product is in 50 retail stores in Calgary.
Lastly, we will leave you with our three most valuable pieces of advice that could help you with your day-
to-day lives. 1. Value your health every single moment. 2. Be optimistic about a brighter future by taking action with your dreams. 3. Look at yourself in the mirror while asking yourself, did I have an amazing attitude today?
If you apply these three tips to your lifestyle, we promise you that a brighter future is just around the corner.
Most importantly of all, enjoy the “small things”!
Entrepreneurs Marines Tineo and Giovanna Serauto are co-owners of Calgary-based RemarkaBall. Learn more at remarkaball.ca
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