Losing your job disrupts everyday life, especially when you have young children. With housing, daycare and groceries to pay for, worries can quickly add up. In the first few weeks, a simple plan can help you cover the essentials, limit avoidable costs and seek support before your savings run out.
Take stock in the first few days
Gather your bank statements, bills and the documents provided by your employer. Note how much money you have available, the final pay you expect to receive and any confirmed termination or severance pay. Also check when your group insurance coverage ends. Then draw up a budget for the next four weeks, separating confirmed income from benefits that are still pending.
For more information on budgeting, read our article here
If you have an emergency fund, decide how much to use each week to cover the shortfall. Before withdrawing money from an RRSP, find out about the tax implications. If you are a single parent, asking someone close to you for occasional help with childcare can also make it easier to handle these tasks and look for work.
Organize payments before they are due
Enter each bill in a calendar. Prioritize housing, food, electricity, medication and essential transportation. Review automatic payments. If you are having trouble making a payment, contact your lender or service provider promptly to discuss an arrangement. Ask for written confirmation and check the interest, fees and possible effects on your credit report. A payment deferral does not erase the debt.
Adjust spending while protecting your family
Pause or cancel subscriptions you rarely use, postpone non-essential purchases and plan meals around the food you already have. Set a realistic weekly spending limit for variable expenses.
Keep some free activities and comforting routines. Explain to your children, in age-appropriate language, that some spending is changing temporarily. Avoid relying on costly credit to cover everyday expenses over the long term (microloans, high-interest loans, credit card cash advances, etc.).
Access available support
In Canada, submit an Employment Insurance application promptly if you think you are eligible, even if you do not yet have your Record of Employment. Do not wait for the first payment to review your budget.
Check your family benefits and file your income tax returns, even if you have no income. The Canada Child Benefit depends in part on your family income from the previous year, so losing your job does not necessarily lead to an immediate increase.
211 can direct you to food assistance and local budgeting services. Seeking support early keeps your options open and leaves you with more energy to plan your next steps.
Asking for help is not a sign of weakness
If you are struggling to make ends meet, it is important not to wait until the situation gets worse. We can help you understand your options and find a solution that fits your financial circumstances.
If you are still struggling despite making some changes to your habits, know that we are here to help you regain control of your finances.
If you feel you have lost control of your financial situation, there is no shame in consulting a Licensed Insolvency Trustee who can guide you and help you see a future beyond debt!
Ways to contact the Ginsberg Gingras team:
- By phone (800)567-1905
- Website ginsberg-gingras.com
