If you’re among the thousands of hardworking Canadians whose income is affected by the spread of COVID-19, create an emergency budget to help you navigate these uncertain financial times. Here’s how:
- Identify what money you have or have coming (such as savings, government aid etc.),
- Identify what essentials you must spend on to survive (such as food and housing)
- Identify what you can save on or cut out to minimize your expenses.
You might need to revisit this budget as often as every week, depending on how the situation unfolds in Canada and how your expenses change during these crucial weeks. Later, you’ll need to have a post-emergency budget to get you back on track.
There is a lot of help that is becoming available from both, different levels of governments, and private businesses. See our article on government aid and stay informed by visiting the Government of Canada’s website frequently. See what your province and municipality have to offer as well.