For many people who were able to maintain steady income throughout the duration of the ongoing pandemic, there have been many cost saving opportunities with restrictions and lockdowns interfering with our regular activities and transactions. With fewer outings, classes, courses, commutes, etc., many of us were able to increase our savings. As restrictions have been lifted, either temporarily or permanently, our lives and our spending are beginning to return to a more typical pace.
Now is a good time to look at your budget so you have an understanding of and can plan for how your financial situation may change with a return of more pre-pandemic expenses for your family. You don’t necessarily need a detailed spreadsheet to do this, but it’s a good idea to track your family’s expenses and income on a regular basis and to make adjustments as needed to help maintain or improve your financial health.
You might want to consider opportunities to continue some of the cost savings the pandemic may have inflicted on you. Can you put an amount of money away each month into savings, your RRSP, your TFSA, or other investments to maintain some of the savings you have been generating throughout the pandemic, in addition to your usual saving and investing practices while you also spend money on new or returning activities?
Your Trusted Advisor
We work with our clients to help you make the best financial decisions for you, your family, and your future. If you’re a small or medium-sized business owner, you will benefit from tax planning strategies and wealth management ideas that consider both your business and personal situation to create the best outcome possible for you.
To become a KWB client, visit www.kwbllp.com.