If
your job is in Northern Alberta you may not be called back for the foreseeable future.
Most of the large employers are laying off, changing schedules and/or cutting hours to save money while price of barrel is south of 5o dollars.
We’ve all seen this before. This uncertainty is now having a direct impact on families finances. (Check the video at the bottom of the post from CBC.com)
So what do you do now? Here are a few things that can help when the income stops –
Review Your Budget
No sense avoiding the fact that less money in will have an effect on your ability to spend. Ask teachers that were laid off in BC for more than 4 months. Going back to work with 20,000 – 30,000 in additional personal debt is depressing.
Take some time with your family a do a new budget that works for now. Here a budget worksheet – http://goo.gl/8k3IK0
Do your Taxes Now
Don’t wait to file your taxes. A refund of 3,000 -7,000 dollars can go a long way to soften the blow. Make sure to take full advantage of RSP contributions, medical expenses and donation receipts. If you are a business owner make sure use a PHSP for medical expenses.
Now is a good time to talk to your tax accountant.
Update Written Financial Game Plan
Get a updated written financial game plan, and get advice from a third party. Then you can decide which plan of attack works for you.
Maybe you could pay off personal debt, set aside additional funds in your emergency fund, or cut costs on your insurance.
The key is use your current financial resources most effectively so you can weather the storm, and make the most of your current situation.