Keeping Financially Afloat During the Pandemic

The world seemed to tilt out of position quickly this year. Many of us were unprepared for COVID-19 and what it would mean for our jobs and our lives in general. Even as steps are taken to contain the pandemic and search for solutions, many people are figuring out how to maintain at least some semblance of normalcy. If you find yourself wondering what to do, how to do it, and even if it would be possible to find coronavirus loans to help with financial needs, here are some tips that might help.

Exploring the Provisions in Canada’s COVID-19 Economic Response Plan

One of the first things to do is learn more about the Economic Response Plan implemented for the entire country. There are provisions within the plan that have to do with your welfare. While you already know about the disbursements provided to help offset the loss of income from temporary job displacement or fewer working hours, there’s more to the plan that will be of interest.

If you currently receive the Canada Child Benefit, you may see an increase in that benefit. There are some options for mortgage payment deferral. If you need more time to file your tax returns, that’s part of the plan too. There’s also the chance that you may qualify for short-term top-ups in your wages if your work is considered essential and the usual pay is under a certain amount.

Look closely at these and other provisions and see if any of them apply to you. If so, find out more about how to apply for and receive those benefits. They could make a big difference in the degree of financial security you maintain in the months ahead.

Unnecessary Recurring Expenses: Eliminate or Put on Hold

In the interim, it’s time to take a look at your usual monthly expenses. How many of them are actually essential? What could be trimmed back for the time being or possibly eliminated altogether? A lot of that depends on what you consider essential.

Food and shelter would definitely qualify as essentials. Basic utilities like water, power, and natural gas would also fall into this category. Cleaning supplies that help keep the place relatively clean as you spend more time at home could also be considered necessities. You also want to include products designed for personal hygiene. For example, soaps to keep your hands clean are a must right now.

Other expenses may be something that you can cut. For example, how many of the 300 cable channels do you actually watch? Even with all the time that you spend at home now, most of your TV viewing is limited to a dozen channels. If most of those happen to be available over the air, it might be time to cut the cord. If that seems a bit extreme or you’re in an area with poor OTA reception, consider changing to a package that’s more affordable but still includes the channels that you watch most often.

Adjusting Your Spending Habits for Now

Now would be a good time to spend more on food that you prepare at home. While there is still curbside pickup and delivery options from some restaurants, don’t rely on them for most of your meals. Cook more, but do try to budget in ordering pickup or delivery a couple of times each week. That will help others continue to have jobs and also give you a break from your own cooking.

Remember that while you have plenty of time to shop online, your budget can only stand some much of that sort of thing. Resist the urge to pass the time with shopping for things that you don’t really need. It’s fine to do some browsing and maybe make wish lists of what you might buy once the pandemic is under control. Just remember that you have limited resources that could be used for more practical reasons.

Getting Creative With What You Have

Take an inventory of what you have around the house. There’s a good chance that some of those things can be put to use in new ways. For example, you may have a garment or two that would supply plenty of material to make some great no-sew masks. If you never wear it anyway, why not transform the material into something you can use when there is the need to leave the house?

You can also take a look in the kitchen cupboard and see what sort of foods have been pushed to the back. Some of them can be used in some of those easy recipes that you’ve come across. That will help stretch the good budget a little further.

Seeking Entertainment That Costs Nothing

Going out for entertainment is not really an option right now. The good news is a number of online sites have provided free entertainment options. You can find all sorts of e-books and movies to download for free. There are also streamed entertainment events that you can watch in real time. In some cases, you can share the entertainment via a social media network and invites loved ones to join you for a watch party.

Remember that while you can’t spend time with loved ones right now, do consider signing up for a free video conference service. It’s easy enough to host a conference using a free platform and invite a number of people to participate. It’s not like being in the same room, but at least everyone can get together and chat for a time.

Considering Some Sort of Loan to Help Out

While much of the focus is on loans designed to keep businesses of all types afloat, there are a few loan options for individuals. Check out options for a bad credit loan or some type of personal loan that’s offered in your province. If a loan would help you structure your finances to better effect, this could be a tool that helps you weather the pandemic and remain somewhat financially secure.

No one knows how long or how severe the pandemic will be. Our best hope is to adapt to our present circumstances and make the best possible use of our resources. Take a good look at what you’re doing today and be proud of what’s working. If there are ways to make some changes and make life a little easier for now, start in on them today. Your efforts will pay off in the long run.