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.
Victoria, 32, 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 was sending out resumes before this all hit and the only word I have received back is that recruitments for the companies I applied for have ended until further notice. So my family has our fingers and toes crossed that my husband can keep working. The increased Canada Child Benefit in Trudeau’s Economic Response Plan would certainly help A LOT!
How has the COVID-19 Pandemic affected your spending? Are you spending more or less right now? What are you buying and why?
Our budget is about the same but we are buying two of anything for baby to give ourselves a buffer, just in case funds or product isn’t there when we need it.
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 haven’t heard from those I owe money too. Relief or otherwise.
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?
We have no savings. Just hope that our one line of income doesn’t get interrupted. And that none of our pets get sick (kids are cover by health care, our pets are not)
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 been in social distance mode for some time due to small children and mental health issues. I was finally making plans to get out and see my friends again (coffee, small road trips,) and those plans were all axed. I’m trying not to take this pandemic personally.
Has the COVID-19 pandemic made you realize anything unexpected about your personal finances? Did you find vulnerabilities or are you more secure than you thought? Will it change how you see and manage money going forward?
We are very very vulnerable and are grateful for the Canada Child benefit.
Anything else you’d like to add?
This has actually been really cathartic, I work in the news and everything sucks right now! I’m thankful we aren’t in a position where we’re approaching retirement but worried for the future of my partner’s hospitality job and my parent’s investments.
Share how your personal finances are being impacted by the Coronavirus here.