How do you manage your finances in a pandemic? Especially if you live in a rural area with limited financial services?

ItB次元官网网址檚 something more British Columbians will be asking, as the unemployment rate jumped to 11.5 per cent in April B次元官网网址� up from five per cent in February.

The North IslandB次元官网网址檚 tourism industry has been at a stand still, not to mention that residents are still recovering from the eight-month long WFP forestry strike B次元官网网址� and they arenB次元官网网址檛 the only ones facing tough financial times.

Finances are, safe to say, tight for many.

Karl Michael, an insolvency trustee from Grant Thornton, had this advice to give on the subject.

B次元官网网址淪tart with finding the support programs you qualify for, replenish your income, talk to your creditors, cut your unnecessary expenses B次元官网网址� that is, focus on rent, utilities and food,B次元官网网址� he said.

The first step is to review what support programs you qualify for. There is a lot of support available if you have lost your job.

Look at Employment Insurance, the Canada Emergency Response Benefit and a one-time GST credit, and provincial emergency support payments.

These programs can help temporarily replenish your income.

Next, examine your expenses and cut where you can, Michael advised.

B次元官网网址淵ou just want to take stock of your current situation. DonB次元官网网址檛 panic. You want to look at your budget and cut where you can. Try to figure out how long you can last,B次元官网网址� Michael said.

Ask the hard questions: what if I canB次元官网网址檛 get work? What if the these programs run out?

Third, talk to your creditors. Many banks are offering deferred payments on mortgages, credit cards and loans. The governments are offering student loan deferrals. Deferrals can help with cash flow in the short term.

B次元官网网址淵ou have to remember that all these things are just deferrals,B次元官网网址� Michael said. He worries about consumers who take advantage of deferrals, maybe even getting additional credit because there are favourable rates right now.

B次元官网网址淏ut you have to remember that everything will come to a head eventually. YouB次元官网网址檒l have to be able to service that debt, the new and the deferred.B次元官网网址�

Once youB次元官网网址檝e assessed your current situation, itB次元官网网址檚 time to get creative, he said.

B次元官网网址淚f youB次元官网网址檙e still out of a job, people need to start being creative. A lot of small businesses have reinvented themselves. I think the same goes for individuals, we need to be strong, we need to be creative. If you have other skills or other things youB次元官网网址檝e been interested in, you might need to be open to it.B次元官网网址�

Do you have something to add to this story or something else we should report on? Email:
zoe.ducklow@blackpress.ca.

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