SMS 180 – Financially Sound During a Crisis

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.

Government Programs:

  • 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:

  1. 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
  2. Make sure to have alternative forms of incomes, don’t put all your eggs in one basket — side hustles 
  3. 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
  4. Limit all expenses to the bare minimum, any excess that you do not need, cut it 
  5. The hardest to do, but have an emergency fund — two months rent/mortgage, two months car, two months bills etc
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