Start 2021 on the right foot…financially speaking, that is!

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Beaudin Syndic Flèche

Start 2021 on the right foot…financially speaking, that is!


With one foot in 2021, and the beginning of COVID-19 vaccination campaigns, there’s a sense of hope for a return to a certain normality; a life we knew and loved, before the pandemic changed our reality.

For those of us used to a daily hectic pace, 2020 was a game-changer. Forced to slow down, live differently, limit contact with friends and family, cancel trips, modify our consumer habits and buckle down, our finances were suddenly seen in a new light.

For too many, unpredictable budgetary management was suddenly a thing. But until a sense of normalcy returns and spring fever hits,  why not use this time to prepare your personal finances for recovery? You'll see, it's simply a matter of... revision!

Focus on the essentials
Now is the ideal time to review your subscriptions and see how relevant and meaningful they really are. The softening of confinement measures will have a significant impact on people's lifestyles as we add or remove certain services to or from our lives. Necessities have changed and will most likely shift again.

Whether it’s technology (cable television, Internet, apps, etc.), favourite activities (the gym, sports, extracurricular activities, etc.) or food (delivery or pre-prepared boxed meals, etc.), take a look around and assess what you want, need and can afford.

Get your papers in order
Take this opportunity to review important documents so they reflect your wishes as accurately as possible, in the event of something unfortunate:

It’s essential to update these documents and if necessary, consult a notary. And it's not a question of wealth, it’s a matter of security and this wise investment pays off, both for you and your loved ones.

Opt for peace of mind
Review your financial protection and, if needed, shop around for better conditions. The steps involved in purchasing insurance are often put on the back burner. This year, don't take anything for granted and, before renewing your life, critical illness, disability, car or home insurance, make sure it still suits you and isn’t hurting your budget. A damage insurance broker and a financial security advisor can be helpful.

Revise your routine
Take your "pre-pandemic" budget and compare it to your confinement spending. Cash flow affects your daily life and ultimately, how you achieve your goals. It’s important to establish new guidelines or revisit the ones previously established. Discuss this with your family and determine priorities, together.

Take a financial selfie
List your assets, investments, real estate and liabilities. This allows you to validate whether you’re on track to achieve the goals you’ve set for yourself. Objectives evolve over time. Consult an investment advisor to see how you’re doing.

If you’ve been heeding our advice, but still feel like your budget is out of balance, let’s talk. Perhaps you feel like your income isn’t enough and your debts and monthly payments are eroding your ability to reach your goals. Consult a Licensed insolvency trustee from Beaudin Groupe Conseil. Together, we’ll review your financial situation, help you tackle your debt and give you the peace of mind and future you deserve.

Start 2021 on the right foot…financially speaking, that is!

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