It has been almost 18 months since the collapse of the oil and commodity prices. The economy in Alberta has been badly affected. A lot of people have been laid off and there is no sign of a recovery happening soon.
How can you manage your way through this difficult time, particularly if you have lost your job and are facing difficult financial times?
Below are some suggestions that may help:
Identify available resources, amount of savings, RRSP, available assets (car, home and others), as well as friends and relatives who may offer some help in case of emergencies.
Calculate what your minimum standard of living could be. This may include moving to a smaller apartment or sharing an apartment with friends. If you own a house, you may consider leasing your house to increase your income and rent an apartment for yourself for a specified time. You could also consider trading in your vehicle for a smaller, less expensive model to save money on fuel and maintenance costs (foreign vehicles are often more expensive to service).
Look for a variety of possible employment opportunities, don’t limit yourself to what maybe your ‘specialized field’, at least for the short term. Try to find any work available even if it is at a lower pay scale than you are used to. By doing so, you will remain engaged and open yourself up to other opportunities, ones you may have never considered otherwise. This will also keep you financially healthy.
Consider looking for employment that is outside of normal working hours, or offers flexible hours. This will keep you available for further job interviews during the daytime.
In summary, try to retain a positive attitude, and surround yourself with people that offer support and positive reinforcement. Reduce expenses and increase income however you can.
These are basic survival skills that can hopefully bridge the gap between the bad and good times.
Mainstreet Equity Corp. is a publicly traded (TSX: MEQ) residential real estate company in Canada. Mainstreet currently owns and operates properties in Surrey, BC; New Westminster, BC; Abbotsford, BC; Calgary, AB; Cochrane, AB; Lethbridge, AB; Edmonton, AB; Fort Saskatchewan, AB; and Saskatoon, SK.
Mainstreet provides affordable, renovated apartment suites to Canadians, and is committed to creating real value without diluting shareholder interests.
About the Author
Johnny Lam Chief Financial Officer & Chief Operating Officer
Johnny is responsible for the complete financial and operational oversight of Mainstreet. He brings over 30 years of senior financial management experience in Asia, UK, Australia and North America.