Managing your expenses is always important, but during tough times, it becomes essential. Whether you’re facing a global crisis, job loss, illness, or another challenge, difficult situations happen to everyone at some point. These times can strain not only your finances but also your mental and physical well-being.
Here are 8 tips to help you manage your money and work towards financial stability during challenging times:
Tip #1: Discuss your mortgage or rent payments
If you’re struggling to make your full mortgage payment, reach out to your bank to explore other options. If you can’t afford your full rent payment, contact your landlord, explain your financial situation, and try to negotiate a payment plan. You might be able to arrange reduced payments for a few months or defer them entirely.
Tip #2: Talk to your utility providers and creditors
If you’re having trouble covering utilities or other monthly payments, call your service providers to request a payment reduction or delay. For any debt or credit payments, contact your lender to see if you can work out a deferral or new payment terms.
Tip #3: Build a new emergency budget
If your income has dropped, your previous budget may no longer apply. Make a new budget based on your current income and expenses. A clear spending plan will help you manage your money, understand where your money is going, and may even ease some financial stress. Look for areas to cut costs, such as entertainment, car insurance, or your cell phone plan.
Tip #4: Cut down on food and grocery spending
Groceries and eating out can take up a big part of your budget. To save money, reduce the amount of take-out you order, choose generic brands, and plan your meals in advance. If you have a Costco membership, consider sharing it with a family member to buy in bulk and split costs. If necessary, don’t hesitate to use your local food bank during this period.
Tip #5: Be careful with online shopping and entertainment expenses
During difficult times, it’s easy to turn to online shopping or entertainment as a distraction. Review your subscriptions—such as streaming or music services—and see if you can cancel any of them. Also, look for platforms offering free content. Be mindful of overspending online, especially if you’re on a tight budget.
Tip #6: Stay alert to scams

Scammers often take advantage of vulnerable people, especially during crises. Be cautious of any communication asking for personal or financial details, even if it seems to come from government agencies or service providers. For a list of known scams, check the Canadian Anti-Fraud Centre, and learn how to protect yourself from fraud.
Tip #7: Explore additional income sources
If you’re struggling financially, think about what other income options you might have. This could include applying for government assistance or taking on a part-time job. Students may qualify for emergency bursaries or loans through their school. Explore all the possibilities available to you.
Tip #8: Don’t be afraid to ask for help
Talking about your financial troubles can be hard, but it can also be a relief, and you may find support where you didn’t expect it. Whether it’s meals, financial assistance, or services, your loved ones will be there for you. If you need professional help, don’t hesitate to reach out to local mental health resources. All you have to do is ask.
Remember, it’s normal to feel worried in tough times. Whatever you’re going through, your feelings and concerns are valid. Nobody is fully prepared for a crisis, so take things one step at a time. It’s okay to put your financial goals on hold while you focus on taking care of your needs, health, and loved ones. And if you need someone to talk to, we’re here to help.