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If your job situation is uncertain, consider saving. If you’re financially secure you should invest

The pandemic’s impact on jobs and incomes has been sharp and unprecedented. While many households have lost income, others are in the fortunate position of being fully employed and have also cut their spending, thanks to physical distancing. This tool shows how money saved during the pandemic can improve your financial situation over the short and long term, if put into savings or investments. Emphasize savings if your job situation is uncertain and consider investments if you’re financially secure.

Rob Carrick's

Pandemic Power-Savings Tool

How to strengthen your finances in uncertain times

Step 1. Calculate your savings as a result of physical distancing to fight the spread of COVID-19

Monthly Spending ($)

Pre-Pandemic
Physical distancing

One category where spending may have increased

Takeout costs less than eating at restaurants

Part of the reason why groceries cost more

You might be using more electricity and water by working at home

Down sharply for many

Some insurers have offered rebates or lower premiums because people are driving less

Netflix, Spotify et al

An opportunity to save if you see a long wait to travel again

No movies, concerts, sports

Buy haircutting scissors or a clipper and you're done

Buy running shoes or pump up your bike tires

Every day is casual day when you work at home…no dry cleaning, either

A huge savings for parents of young children

Sports, tutoring etc.

Expenses unique to you

Your monthly spending during physical distancing is greater than your pre-pandemic spending by

Step 2. Decide how to put your monthly savings of to work

Add your own number, or use our default

Option 1. The Savings Option:

Put money away in case of income loss ahead, or for short-term savings goals (within five years) like a house downpayment, a wedding, a trip, upgrading your education and other

Add your own number, or use our default*

Option 2. The Investing Option:

Put money away for long-term goals (five, or better, 10 years+) like retirement

Add your own number, or use our default*

* A default of 2 per cent on savings was based on best rates from alternative banks on high rate savings accounts; 5 per cent is a conservative estimate for a balanced portfolio after fees


Pandemic Personal Finance