Good article here in the Globe about tips for people who are finding it difficult during these times. Let me add a tip, try to stop worrying about things that have not happened yet.
- Budget for the worse, and cut the fat. (but remember you have to live, and you have a responsibility to your fellow citizens to spend when you can)
- Establish a secure emergency fund. (Shoot for three months pay, and put it in CASH not the markets)
- Arrange for a line of credit, but don’t count on it (using home equity is a good way to do this in these times, especially because you still get the lowest rates with a HELOC because it is secured)
- Aim to preserve your RRSP.
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