How to Make Your Financial Relief Stretch

By Staff Reporter - 15 May '20 17:02PM
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  • How to Make Your Financial Relief Stretch
  • (Photo : How to Make Your Financial Relief Stretch)

People across the country are dealing with the financial ramifications of COVID-19. Many of them have lost their jobs or had their businesses close. That's why the government has quickly rolled out financial relief programs like CERB (Canada Emergency Response Benefit) to keep people afloat.

If you've applied for CERB, you will receive $500 a week for up to 16 weeks. This could be a much tighter budget than you're used to dealing with. Find out what simple changes you can make to cut down costs and make this relief stretch as much as possible. 

Look at What's on Hold 

You might be surprised about what commitments have been put on pause because of social distancing. The deadline for filing income tax returns has been extended to June 1st, and payments can be deferred until August of this year. Federal and provincial student loan payments - interest included - have been suspended until the fall. If you're a homeowner, you can defer your mortgage payments and property taxes for several months. That could take a lot of financial pressure off of your shoulders.

Call Your Providers

While you can put some responsibilities on pause, you can't stop the bills from coming in. You still need to pay for your internet, phone, water, electricity, gas and credit card. If you're feeling overwhelmed with these payments after losing your job, you should call up these companies to see if they can come up with a compromise until you're employed again. See if they can temporarily reduce your rate, give you extensions or set up deferrals. 

Get Help with Debt

If you're still worried about managing your outstanding debts, you should talk to a professional for guidance. A licensed insolvency trustee can take a closer look at your financial situation and advise you about your best available solutions. To accommodate social distancing rules, you can have your consultation over the phone or video chat. Go to the link Davidsklar.com/credit-counselling-services/ to see how a licensed insolvency trustee can help you with your debt issues.

Revamp Your Grocery Strategy

While you can't cut out grocery costs from your budget, you can make sure that you shop savvy. Here are some tips that will help you make the most out of every haul:

  • Make a grocery list so that you avoid impulse buys. Panic buying is a common problem right now.

  • Meal plan with simple recipes. Look at these five-ingredient recipes from Bon Appetit for some cooking inspiration. 

  • Pick produce that's in-season. Out-of-season items will be more expensive. 

  • See how to freeze raw fruits and vegetables so that you can extend their shelf-life by weeks. 

  • Avoid processed foods. Buying ingredients and making food from scratch will cost less. 

  • Buy shelf-stable items like pasta, cereal and rice in bulk. 

Financial responsibilities are going to weigh on you when times are tight. The good news is that there are ways that you can take some weight off of your shoulders so that the load is easier to bear. When you use all of these methods, you can have a better chance of making the government aid work for you.

Copyright © 2017 News Everyday
* This is a contributed article and this content does not necessarily represent the views of newseveryday.com

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