{"id":50494,"date":"2023-10-23T23:32:11","date_gmt":"2023-10-23T23:32:11","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=9004111222015344"},"modified":"2025-04-02T12:49:02","modified_gmt":"2025-04-02T19:49:02","slug":"is-your-budget-prepared-for-the-potential-economic-devastation-of-the-pandemic","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/about-us\/ccs-pr-press-releases\/is-your-budget-prepared-for-the-potential-economic-devastation-of-the-pandemic","title":{"rendered":"Is Your Budget Prepared for the Potential Economic Devastation of the Pandemic?"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.22.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||100px|||&#8221; bottom_divider_style=&#8221;wave2&#8243; bottom_divider_color=&#8221;#E7DFF3&#8243; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.22.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.22.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.22.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1>Is Your Budget Prepared for the Potential Economic Devastation of the Pandemic?<\/h1>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.22.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>(New Westminster, BC \u2013 March 16, 2020) As the coronavirus (also known as COVID-19) continues to spread around the world, the media is reporting a frenzy of shopping as consumers scramble to purchase non-perishable food, water, masks, hand sanitizer, and other essentials. However, less attention is being paid to the economic devastation that can come through quarantines, self-isolation, closed businesses, and an economic downturn in industries overall \u2013 including travel and tourism, oil and gas, and hospitality.<\/p>\n<p>Unfortunately, many people\u2019s emergency plans do not extend to their finances. With 48 percent of Canadians $200 or less away from financial insolvency , a quarantine or self-isolation situation leading to two weeks or more without a paycheque could have devastating consequences.So what can you do to keep your finances as healthy as possible while you\u2019re unable to collect a paycheque?<\/p>\n<ul>\n<li>Stay up-to-date on what help is being offered from government and financial institutions and whether they apply to you. The latest efforts by the government \u2014 including both medical and economic assistance \u2014 can be found <a href=\"https:\/\/www.canada.ca\/en\/public-health\/services\/diseases\/2019-novel-coronavirus-infection\/canadas-reponse\/government-canada-takes-action-covid-19.html\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<li>Contact your creditors as soon as possible. Whenever possible, reach out to all of your creditors before you miss any payments. This includes credit cards, car loans, mortgages, lines of credit, etc. While it can be an uncomfortable phone call to make, they will appreciate you contacting them directly and making them aware of your situation; they may also be able to offer revised payment options during this time.<\/li>\n<li>Build and stick to an emergency budget. If you\u2019re unable to collect a paycheque, now is the time to pare down your expenses significantly . If you don\u2019t have a budget, consider putting one together as soon as possible. We have a <a href=\"https:\/\/mymoneycoach.ca\/budgeting\/budgeting-calculators-tools\/budgeting-spreadsheet\" target=\"_blank\" rel=\"noopener\">downloadable budget calculator on excel available here<\/a> and a <a href=\"https:\/\/mymoneycoach.ca\/wp-content\/uploads\/2024\/07\/7-Steps-Budgeting-Workbook.pdf\">printable budget template<\/a> that you can use. If you need more help with your budget, visit <a href=\"https:\/\/nomoredebts.org\/budgeting\/budgeting-tips\" target=\"_blank\" rel=\"noopener\">our budgeting page<\/a>, or give us a call at 1-888-527-8999<\/li>\n<li>Get help from an accredited, trusted credit counselling association. We\u2019re here to help. Give us a call at 1-888-527-8999 to book a telephone appointment. You can speak to an accredited financial counsellor about building a budget and adjusting your finances during this difficult situation and getting prepared for the future.<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.22.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;]<b>About the Credit Counselling Society (CCS)<\/b><br \/>\nThe Credit Counselling Society is a non-profit organization dedicated to helping consumers manage their money and debt better. CCS provides free, confidential credit counselling, debt repayment options, budgeting assistance and financial education.<\/p>\n<p><b>For Further Information &#8211; Media Inquiries<\/b><br \/>\nThe Credit Counselling Society has spokespeople from across Canada available for interviews to discuss topics like this in more detail as well as any other relevant financial topics. Please feel free to reach out to John Lock, Director of Marketing, Direct: 604.636.0277, <a href=\"mailto:j%6F%68%6E%2E%6C%6Fc%6B%40nom%6F%72%65%64e%62%74%73%2E%6Fr%67\">Email<\/a>.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is Your Budget Prepared for the Potential Economic Devastation of the Pandemic?(New Westminster, BC \u2013 March 16, 2020) As the coronavirus (also known as COVID-19) continues to spread around the world, the media is reporting a frenzy of shopping as consumers scramble to purchase non-perishable food, water, masks, hand sanitizer, and other essentials. However, less [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":19283,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-50494","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Your Budget Prepared for the Potential Economic Devastation of the Pandemic? - Credit Counselling Society<\/title>\n<meta name=\"description\" content=\"Is your budget prepared for the potential economic devastation of the pandemic? The Credit Counselling Society explains how to prepare.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nomoredebts.org\/about-us\/ccs-pr-press-releases\/is-your-budget-prepared-for-the-potential-economic-devastation-of-the-pandemic\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Your Budget Prepared for the Potential Economic Devastation of the Pandemic?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nomoredebts.org\/about-us\/ccs-pr-press-releases\/is-your-budget-prepared-for-the-potential-economic-devastation-of-the-pandemic\" \/>\n<meta property=\"og:site_name\" content=\"Credit Counselling Society\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nomoredebts\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-02T19:49:02+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@CrdtCounselSoc\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Is Your Budget Prepared for the Potential Economic Devastation of the Pandemic? - Credit Counselling Society","description":"Is your budget prepared for the potential economic devastation of the pandemic? 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