KOHO

We understand that we're navigating uncharted territory in the world when it comes to our health and our finances. To help ease some of the stress and navigate through murky waters, here are 5 quick tips to help you manage your money and boost your financial security:

Create a budget and cut expenses:  Download your past 2-3 months' worth of bank and credit card statements, and see what services and expenses you can maybe cut/do away with at this time.

Call your lenders/utility providers and negotiate terms: If you think you'll miss a payment call them ahead of time to let them know.

Build your emergency savings account: If you're worried about being laid off or working reduced hours, now is a great time to start putting away money into a high-interest savings account. Aim for 3-6 months worth of expenses, this will help you in times of uncertainty.

Diversify your income: Learn a new skill (maybe take up baking as you've always wanted to?), pick up a side hustle like UberEats etc. (while being socially responsible) and earn more income. Even if you have a full-time job, having more than one income stream is always a good thing!

Manage your debt: Depending on the type of debt you have, ask yourself if you can get away with only putting the minimum debt payment and redirecting the rest towards savings. Having this extra cash on hand can help you feel more financially secure in times of ambiguity. For example, if you owe high-interest credit card debt, prioritize paying this off as a non-negotiable, but your student loan will be okay with the minimum payment in the time being.

1. Create a budget and cut expenses:  Download your past 2-3 months' worth of bank and credit card statements, and see what services and expenses you can maybe cut/do away with at this time. 
2. Call your lenders/utility providers and negotiate terms: If you think you'll miss a payment call them ahead of time to let them know. 
3. Build your emergency savings account: If you're worried about being laid off or working reduced hours, now is a great time to start putting away money into a high-interest savings account. Aim for 3-6 months worth of expenses, this will help you in times of uncertainty. 
4. Diversify your income: Learn a new skill (maybe take up baking as you've always wanted to?), pick up a side hustle like UberEats etc. (while being socially responsible) and earn more income. Even if you have a full-time job, having more than one income stream is always a good thing!
5. Manage your debt: Depending on the type of debt you have, ask yourself if you can get away with only putting the minimum debt payment and redirecting the rest towards savings. Having this extra cash on hand can help you feel more financially secure in times of ambiguity. For example, if you owe high-interest credit card debt, prioritize paying this off as a non-negotiable, but your student loan will be okay with the minimum payment in the time being.

<a href="https://www.koho.ca/" rel="nofollow noopener noreferrer" target="_blank">KOHO</a> also offers a<a href="https://www.koho.ca/credit-building" rel="nofollow noopener noreferrer" target="_blank"> credit-building feature</a> to help improve credit scores.

If you are a premium member or you have purchased one of the bundles, you get access to<a href="https://help.koho.ca/en/articles/2551446-financial-coach" rel="nofollow noopener noreferrer" target="_blank"> Financial Coaching</a>

For people who have low credit scores, it can be challenging to obtain a regular credit card, and sometimes even a secured card comes with too many hurdles. KOHO offers an easy online application process and does not require a down payment as a secured card would.

Your KOHO card isn't just a prepaid card, you also have access to many banking features like maintaining a savings and spending account, bill payments, and e-transfers.

- <a href="https://www.koho.ca/" rel="nofollow noopener noreferrer" target="_blank">KOHO</a> also offers a<a href="https://www.koho.ca/credit-building" rel="nofollow noopener noreferrer" target="_blank"> credit-building feature</a> to help improve credit scores.
- If you are a premium member or you have purchased one of the bundles, you get access to<a href="https://help.koho.ca/en/articles/2551446-financial-coach" rel="nofollow noopener noreferrer" target="_blank"> Financial Coaching</a>
- For people who have low credit scores, it can be challenging to obtain a regular credit card, and sometimes even a secured card comes with too many hurdles. KOHO offers an easy online application process and does not require a down payment as a secured card would.
- Your KOHO card isn't just a prepaid card, you also have access to many banking features like maintaining a savings and spending account, bill payments, and e-transfers.