OTTAWA -- You don’t have to be a finance expert to know that this pandemic has impacted Canadians’ finances.  

Bruce Sellery is a finance expert and this feisty, focused and fun finance guy, with his animated style, is determined to educate on financial literacy.

He describes these times through this lens.

"There is the tale of two pandemics, which we’ve been talking about for most of the past year," said Sellery on CTV News at Noon.

"There are people who are living with a surplus; they’re looking at their bank account saying, 'where is all this money coming from?' They’re working from home and nothing much has changed in terms of income and their expenses have likely gone down," explains Sellery. 

"Then there are people who have been completely devastated by what has unfolded. Their restaurant has closed; their acting career put on pause."

Sellery is concerned about what he calls a third category. 

"People who were in trouble before the pandemic arrived. It could’ve been an illness, or a divorce, or an addiction or whatever else was putting pressure on them from a debt standpoint," said Sellery.

"And it’s that last category we are really focused on as an organization."

Sellery is referring to Credit Canada. the country’s first and longest-standing credit counselling agency.

The long-time leader in personal finance has just taken the helm as CEO at Credit Canada. Sellery says he wants his voice to help the not-for-profit organization help Canadians get a handle on their money. 

"People who have been hit due to circumstances outside of their control due to this pandemic and people dealing with this crazy weight of debt on their shoulders for much longer than just the last 12 months."

Sellery offers his top tips, many may sound like anyone's grandmother's best advice but apparently we haven’t been listening to grandma well enough.

"There is always an opportunity for people to get a better handle on their money. If you’re just trying to rub two pennies together to get dinner or if you’re looking at your third home in Palm Desert, there’s always an opportunity to get a better handle on your money."

Five financial tips

Spend within your means: "Take a look at your income and expenses to make sure you don’t spend more than you have available. Credit Canada’s free Budget Planner + Expense Tracker makes this process much more manageable."

"This is a lost art in this day and age. It’s like a calligraphy.  You know it exists, you couldn’t really do it if you tried," said Sellery.

"It’s hard to spend within our means. We’ve got credit; there’s tons of temptations out there. The cost of living in so many areas has risen a lot but if you notice that you’re carrying more than one dollar on an outstanding balance on your credit card, you’re spending outside of your means.

"It’s annoying, it’s frustrating but the reality is if you’re in that situation but you need to do is increase your income or cut your expenses."

Pay off your credit cards: "And leave your credit card at home. Carrying a balance on your credit card can mean paying hundreds of dollars in interest," said Sellery.

"It’s a guarantee return of between 15 and 30 per cent and you would not believe how many times someone will come to me and say, 'Hey, I have a little bit of extra money here because of an inheritance, or a bonus at work', and my first response always 'you should eliminate your credit card debt even if you have only one dollar of debt,'" Sellery told CTV News at Noon.

"Credit card debt is insidious! It is a huge drag on financial health and you ideally want to eliminate that balance to zero every single month."

Build an emergency fund: "It’s important to understand that this is different from a savings account. An emergency fund is for an actual emergency, and the funds should never be touched unless an actual emergency occurs. The COVID-19 pandemic is the perfect example of why an emergency fund is so important. 

"If there’s a little bit of slack, automate that. What I mean is set up a pre-authorized contribution to go from your bank account to a savings account that’s not your checking account. And that just happens without your knowledge.  Don’t even have to think about it."

Contribute to a TFSA or RRSP: Investments in a TFSA grow tax-free.  RRSP contributions are tax-deductible so when you put more into your RRSP, you’re lowering your taxable income and increasing your retirement nest-egg. 

Seek non-profit credit counselling: Carrying the weight of debt can be stressful but you don’t need to suffer in silence – certified Credit Counsellors from non-profit agencies, such as Credit Canada, offer unbiased/nonjudgmental advice. Counsellors take a look at a person's income, expenses, assets and debts (which includes monthly payments and interest rates), to help build a detailed budget, and provide all the options available.

Sellery reassures that with the proper help, there is a way out of a financial crisis.

"It’s confidential. It’s free. It’s all going to be fine." 

Bruce Sellery wants people to feel hopeful that they can turn any dreadful financial situation around. 

"As the country continues to face unprecedented financial challenges, it’s critical that everyone understands that there are solutions."