If you find yourself facing financial difficulties as a result of job loss or income reduction during this time, it can be overwhelming and may leave you feeling stressed and unsure of what the next steps are.
To make it easy, we have put together five simple steps you can do to help resolve your financial difficulties and ensure you can focus on more important things such as your family and your health.
- Cut Down on Costs
For anyone that is currently out of work due to COVID-19 or has found themselves at reduced hours, it is a good idea to look at your finances for ways to cut down on non-essential costs. Some ideas for reducing your monthly expenses include taking a look at streaming services, your phone data plan and gym memberships which can add up.
- Talk to Your Mortgage Professional
Your Dominion Lending Centres mortgage brokers are working hard to stay on top of all information surrounding the development of COVID-19 as well as the responses from Bank of Canada and the Ministry of Finance to ensure the most up-to-date and accurate information to assist you. They can help explain the options available to you and provide further understanding as to how this situation may affect your interest rates and mortgage payments.In order to benefit from your mortgage professional, you will need to provide detailed financial accounts so they can review your situation and all potential options. Preparing a detailed budget breakdown – including credit cards, loans and household bills as well as savings accounts and investments – will help your broker get a better sense of your current financial position and what assistance you may qualify for.
- Contact Your Credit Card Companies and Lenders
Many families and individuals cannot afford to lose their income, or even see it decrease. If you are in debt or living paycheck to paycheck, you may already find it difficult to make bill payments. Unfortunately, missing these payments can have long-term negative effects. Before it gets to this point, it is a good idea to contact your lenders, banks or credit card companies to see if there are options..
- Find alternatives
Whether you are temporarily laid off, let go of your company or do not have enough sick days to cover your time at home during COVID-19, there are steps you can take to help supplement your income.
- You can try these alternatives if you are out of work due to COVID-19 and in need of financial assistance.
- Employment Insurance (EI) might be an option. Services Canada has reduced the wait period and is currently offering EI assistance to individuals affected by the virus. Click here to learn more.
- Have skills you can utilize online? While you’re off work or in quarantine, consider freelancing. Websites such as UpWork and Freelancer.com have jobs from across the globe from accounting to website development.
- Stay Informed
Information is power and the more information you have at your disposal as this situation develops, the better prepared you will be to manage your household and finances. We will be providing updated information right here on our website as this situation develops.