Navigating Your Finances During a Strike: Effective Money Management Strategies
Canada enjoys good labor laws and a framework to support various causes of different labor unions. Despite these all, it sometimes experiences strikes or lockouts by employees working in different industries and business sectors.
The following data reveals the existence of the number of hours not worked due to labor disputes.
Reference link – https://rb.gy/j9cfg
For people, by and large, such strikes or lockouts have almost nil impact on daily life, but the employees who are a part of that strike definitely suffer.
- Of course, most unions in Canada have provisions to give Strike Pay from funds collected by unions.
- Moreover, the payments by Strike Pay are not taxable.
- Various pension funds are not deducting contributions from Strike Pay payments.
Besides these reliefs, you need to employ some effective money management strategies.
Let’s see it all in brief.
Reevaluate Your Budget:
- Most employees in Calgary, Edmonton, Lloydminster, & Alberta habitually prepare a monthly budget. However, our monthly budget is based on our ongoing salaries or income. Our income is affected during strikes and may stop or be reduced drastically.
- So, we need to reevaluate the existing budget and prepare a new budget keeping emergencies in mind. Your new income may include your partner’s income, Strike Pay, and some regular benefits, such as CBC, GST, alimony or child support, pension, etc.
Reduce Expenses During Time of Strikes:
You must cut extravagant spending and try to sustain the amount on the hand only during the strike period. There are some ways to do so.
- Reduce your grocery bill by stopping purchasing anything you don’t need at the present moment.
- Don’t try to stock up on anything in advance. Leave it for normal days when you get back your regular income.
- Focus only on spending on food, shelter, and healthcare.
- Cancel your dining-out programs.
- Cut your expenses on entertainment.
- Avoid taking unwanted subscriptions.
- Eliminate compulsions to use credit cards.
Have Emergency Fund:
Many employees or their partners have the good sense to put some funds for unpredictable emergencies, and strikes are the kinds of emergencies. If you are missing it, make provision for it during your normal earning days. Our finance experts at Credit720 can help you to guide how to create an emergency fund and leverage its benefits during challenging moments.
Money Management Service in Edmonton
AR Credit720, we have top-notched talents to provide you with money management services in Edmonton. Our services include consultancy on:
- How to save money during the Strike period?
- How to obtain additional income when you are not participating in a picketing campaign declared by your labor union. For instance, get a part-time job temporarily somewhere else and start freelancing, if possible, based on your skills.
- Explore available benefits and resources, such as unemployment benefits, Strike Pay by unions, and take help from community assistance programs.
Bankruptcy Service in Calgary, Edmonton, Lloydminster, & Alberta
High-interest debt could be a killer during the strike period. Fortunately, Credit720 offers bankruptcy services in Calgary, Edmonton, Lloydminster, and Alberta in Canada, giving you viable options to manage your debt efficiently.
For instance, we can help you obtain low-interest loans for the long term from a single resource to pay your high-interest loans in the market. Apart from these, we can help you with debt settlement or relief programs to cut your debt to a feasible level you can pay with your scant income resources during the strike period.
Finally
Credit720 is the place where you can obtain all kinds of expert consultancies on finance management. Do a call or leave an email to contact us if you need to navigate your finances during a strike.