COVIDiaries: Self-employed 23-year-old faces financial and mental impacts amidst this crisis

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In the wake of the COVID-19 global pandemic, many people find their personal finances in complete upheaval. We want to share real stories of how people are coping with the crisis. 

Our new series, the “COVIDiaries” will share individual experiences with how the pandemic is impacting income, savings, debts, and more. You can read more here. We hope you find these stories relatable and reassuring, even if they do nothing more than show you that you are not alone. 

We are all in this together.

If you would like to share your experience of how the Coronavirus is impacting your finances, please fill out the form here

Madison, 23, from Calgary, Alberta

What do you do for work? Has the COVID-19 Pandemic impacted your income in reduced hours, layoffs, work from home or in another way?

I am self-employed and I work with kids with autism, using a specialized therapy which helps non-verbal students to communicate via a letter board. COIVID-19 has forced me to self-isolate as my mom is immunocompromised (as she fights an aggressive breast cancer) and can’t risk contracting the virus. I am not able to make any sort of income working from home.

How has the COVID-19 Pandemic affected your spending? Are you spending more or less right now? What are you buying and why?

Trying to spend less. I have savings, but they are minimal. Despite desperately wanting to help small businesses.

What about your debts? Are you incurring debt to cope with reduced pay or increased costs? Or are you finding relief in lower interest rates?

I have student loans to pay off. Happy that Canada has announced support/reducing payment stress. Still nothing from AB government at this time.

Are you concerned about what will happen to your savings and investments at this time? Is this detrimental to your long-term wealth or a once in a lifetime opportunity to get into the stock market? Will you recover from this crisis or be richer or poorer because of it?

I am extremely concerned about my savings. I could likely survive two months off of my saving. I expect to come out of this crisis poorer.

Did the pandemic force you to cancel any trips or special events? How did that impact your bank account (and your mental health!)

I have an anxiety disorder and the pandemic has caused a significant detriment on my mental health.

Share how your personal finances are being impacted by the Coronavirus here

 

 

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About Author

Money After Graduation Inc. is a financial literacy website dedicated to helping Millennials and Gen Z pay off debt, invest in the stock market, and afford the life they want!

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