What’s My Priority? Managing Money in a Dangerous Time When You’re Going to School or Starting a Job
Are you wondering how to manage your finances, meet your personal goals and secure your future when you’re going to school or starting a job in light of the recent pandemic? World events that directly impact your daily life and income might make it tricky to identify the best financial path to get you to your goals.
The simple truth is that now could be the time to revisit your financial goals and make new decisions about what to prioritize right now. Use these tips to keep your financial momentum going through dark financial times.
I’m going to school
Priority: Cut your costs
Priority: Look for money-making opportunities
If you’re a post-secondary or graduate student, look for ways to cut your immediate costs and find income-boosting opportunities.
The National Student Loans Service Centre announced that federal and Ontario student loans have been suspended until at least September 30, 2020. Check the site regularly for updates.
If you’re worried about your other debts such as credit card or car loan payments, contact your lender to ask about deferral options. And work on cutting your other costs, such as moving home to save on rent.
At the same time, consider money-making money opportunities from home such as teaching online, freelance writing, or offering virtual assistant services.
I’m starting a new job
Priority: Keep your job
If you’re still employed, do your best to shine in your new role. Harness technology to boost your productivity, log your work and hours, and stay connected to your boss and colleagues.
If you lose your job or your hours get cut, apply for the emergency funding available through the Canadian Emergency Response Benefit, available as of April 6, 2020.
All Canadians
Regardless of your life stage, think about revisiting or starting your household budget to track spending and find places to save money. Make sure to include regular contributions to emergency savings.
If you’re self-employed or a business owner and your income has taken a hit due to the recently mandated restrictions and resulting economic climate, you could be eligible for the federal Canada Emergency Wage Subsidy Program announced on April 1, 2020.
The world has changed dramatically in the past few weeks. Those changes impact you directly, yet no one knows just what the post-pandemic financial landscape will look like.
So no matter which life stage you’re in, take a good look at your previous financial plan and priorities. Are they still relevant? Are they still attainable?
What is the most pressing immediate financial need that will help you weather this storm financially? Act on it today. Doing so improves your chances of coming through the storm steadily and still moving towards your own financial goals.
