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How to Review Finances after COVID in Mississauga

How to Review Finances after COVID in Mississauga

While the pandemic is not over yet, the end is in sight and we are beginning to see a little more optimism in the world. So, what better time to review your finances, credit score and overall fiscal wellbeing? Our Mississauga auto loans team outlines a few simple checks you can make on your finances after COVID, so you're ready for whatever comes next in life.

 

Here are a few quick ways you can check your finances after COVID to make to ensure you’re all set for the new world.

 

Check your credit report

 

If your situation changed during the pandemic and you have to rethink your finances after COVID, now is the perfect time to check your credit report. You’re going to want to check it for accuracy, to make sure any closed accounts are correctly logged as closed, all payments made have been noted and all your personal information is correct.

 

Also check your credit score to see if it went up, down or stayed where it was.

 

You’re entitled to one free credit report per year, per credit bureau so get one from TransUnion or Equifax.

 

Prepare for the end of payment holidays

 

If you took a payment holiday during the pandemic and it’s due to end soon, now would be a good time to make sure you’re ready. Check all your monthly outgoings and make sure you have enough cash to cover the payment once it becomes due again.

 

Check debt levels

 

If you carried debt into the pandemic or accrued it during, now is a good time to see where you are. Update your budget to reflect any changes in income and outgoings and make sure to list all debt so you know where you are.

 

List that debt with the most expensive first and make sure all payments are taken out of your outgoings. Whatever you have left at the end of the month, use to pay off the most expensive debt.

 

Prioritize paying the most expensive debt first

 

Building on that point, order all your debts in order of cost, typically interest rate, with the highest at the top. Prioritize paying the most expensive first.

 

This will reduce the amount you’re paying that goes to interest, meaning more of what you pay will actually go to what you owe rather than interest. It’s a marginal gain but an important one, so use it well.

 

Begin rebuilding credit if necessary

 

If your credit score took a hit during the pandemic, you should begin rebuilding right away. Even if you’re not planning for an auto loan anytime soon, lots of areas of life revolve having a good credit score, so this is essential.

 

Pay off debt as quickly as you can, set up automatic payments for all outgoings, use a credit card regularly for expenses, pay it off in full each month and do whatever you can to get yourself back on track.

 

When it is time for a new car, contact our Mississauga auto loans team who would be only too happy to help!

 

We will use all our skill and experience to deliver the lowest possible Mississauga auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

 

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