Nicholas  Searle

Nicholas Searle


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How to financially survive during COVID-19

We all know that the virus can harm the lungs, but it can also impact our financial status. It can impact any businesses big or small. Nobody knows how long this global pandemic will last, so here are some tips.

  1. Monitor your income and expenses before and after the pandemic. Write down your debts like mortgages, car loans, credit card debts, etc. This way you can track your income flow. You might need to share it with your creditor(s) and see if you can delay your payments. The creditor may be able to change the payment structure to help you. Many banks in Canada are offering to help. Call them.
  2. Only use money to buy necessities like food and health related items. Ask yourself if there is really a need to buy more clothes, handbags, shoes, or to travel not just out of the country but even within your city. We have to be able to separate the needs and wants from the real necessities. Plan your budget and use it accordingly. Every time you leave home it costs you money.
  3. Save your money! This crisis proves that people who have savings will have less stress and survive longer financially compared to the ones who are living pay cheque to pay cheque. Make sure you have enough savings for at least 6 months for emergency situations like this.
  4. Help from the Government of Canada. Employment Insurance (EI) is available to those working for a company on a full-time basis. The good news is that the Canadian government is offering aid for affected workers who aren’t covered by EI. This can help self-employed workers paying their bills. Students also get relief in the form of a 6 month delay on any student loan payments.

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