Emerge Financially Stronger
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
As we head into the Fall season, we want to help you strengthen your finances and mental health for long-term success. Our posts around the web are a good starting point.
Emergency Fund or Credit Card Debt?
It’s hard to balance having an emergency fund and paying off credit card. Doug Hoyes talks about emergencies vs unplanned expenses and why it might be OK to build a small slush fund even while you have other bills and debts to pay.
We also discuss the risks of relying on credit for emergencies.
Good Reads From Around the Web
The federal government has announced that the CERB will expire on October 3, 2020 and transition to EI. Lesley-Anne Scorgie of the Toronto Star gives some advice on how to plan if you might see your benefits changed.
If you deferred or used credit in the last few months but are now back to work, make a plan to catch up. Use this free worksheet to record who you owe, how much you owe, and track all bill due dates.
Cashless purchases have gone up significantly during the pandemic for safety reasons. But, this can lead to overspending if you are not careful. Experts from the University of Alberta share 7 tips to keep your spending in check as we adjust to new payment habits.
The current crisis is unique in its uncertainty. We don’t know how much longer this lock-down drill will continue, but one thing we can do is work on our ability to cope. In this post on Psychology Today, learn 5 practices for growth during life’s challenges.
Dealing with Deferrals When Deferral Period Ends
Most loan and credit card deferrals will be coming to an end within the next month or two. We explain what happens when payments start up again and outline steps to creating a repayment plan so that you are financially ready.
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