Financially Sound During a Crisis
Don’t count on government support to be there until this thing is over.
The societal transition from government supported to self supported will be a very uncomfortable period for many people.
- Employment insurance 45 weeks
- Canada Emergency Response Benefit $2,000 for 4 months
- Canada Emergency Student Benefit $1,250 for 4 months
- OAS subsidy one-time payment of $300
- Wage subsidy 75% of your earnings up to $58k equals $847/wk for 24 weeks
Will there be a “V” shaped economic recovery or will this be a long painful recovery, and what does “back” really mean.
- Do we want everything to go back to the way it was?
- Are there things that should not return?
5 ways to make yourself financially sound during a crisis:
- Make sure the work you do is invaluable and you’re indispensable — work from home or work for an essential service; make sure your role job is invaluable and you’re indispensable to your company
- Make sure to have alternative forms of incomes, don’t put all your eggs in one basket — side hustles
- Keep an adequate and reasonable amount of food storage, don’t overdo it just enough to last you a month, that includes hygiene products, this is also valuable in case you lose your job
- Limit all expenses to the bare minimum, any excess that you do not need, cut it
- The hardest to do, but have an emergency fund — two months rent/mortgage, two months car, two months bills etc