HOW TO SAVE $$$ DURING QUARANTINE WITH KRISTINE MIGUEL

The COVID-19 pandemic has turned the entire world upside down. Not only is it a global health crisis, but it’s also a financial one. Statistics Canada recently announced that 1,011,000 jobs were lost across the country last month, driving the unemployment rate up from 2.2% to 7.8%. Whether or not your bank account is feeling the impact of these uncertain times, here are 6 tips to help you save from Kristine Miguel, founder and CEO of Caritas Company.

PAUSE YOUR CAR INSURANCE
Do you have two cars but nowhere to go except the grocery store? Consider temporarily suspending the insurance on one car. While not all insurance companies may allow this, it doesn’t hurt to ask.
APPLY FOR GOVERNMENT SUPPORT
The Government of Canada has taken action to support Canadians who are financially struggling through this pandemic. For more resources and details click here.
SUPPORT LOCAL
Skip the lines and germs at big box stores, and avoid Amazon’s delivery delays by supporting local instead. A lot of wonderful small and independent businesses are offering free delivery throughout the city. And you know what they say about supporting local — every time you buy from a small business, an actual person does a little happy dance. So, let’s make ‘em dance!
REVISIT SUBSCRIPTIONS AND MEMBERSHIPS
We’ve all got ‘em — Netflix, Disney+, Crave, Spotify, Audible, and don’t even get me started on business-related subscriptions — and they add up quickly! Use this time to decide what you can and cannot do without.
- Consider pausing or cancelling memberships that aren’t being used as often. For me personally, I used to listen to audible during my work commute. Now that my morning commute to work takes all of one minute — walking from one bedroom to the next — I can no longer justify this expense. I’ve now paused my audible and opting for real-life books instead.
- Share your Disney+, Netflix or Amazon Prime membership with a friend or family member. It’s a great way to spread the love while keeping your distance.
- Downgrade your business subscriptions (e.g. Asana, Zoom, Mailchimp, Later, Evernote, Zapier, etc) to a free plan, at least for the time being. I know this won’t be easy, but you’ll come out of this experience knowing which apps are absolutely crucial versus nice-to-have.
GET FIT FOR FREE
With gyms and fitness centres closed until further notice, some studios are offering creative alternatives for working out at home. Click here to find a free (or by donation) class, or better yet, go outside for a walk while listening to your favourite podcasts or playlist. In need of recommendations? Check out Camp Brand Goods' “The Great Indoors” playlist series on Spotify.
NEGOTIATE, EVERYTHING
This is a great time to get curious about what areas of your life you can financially negotiate. Get in touch with all your stakeholders (i.e. banks, lenders, landlords, customers, and all service providers) and explore how you can change contracts and arrangements or delay payments.