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By Chantal Wagner

Money Mentors

Reviewing finances as income supplement programs wind down

Aug 13, 2020 | 12:01 PM

MEDICINE HAT, AB – Reviewing your budget and finances may not be top of mind during the middle of summer.

Money Mentors the Alberta based non-profit says at this time, government benefits are still in place during COVID-19.

Debt Counselor Brian Betz says they’re not seeing a lot of people right now with those income supplements continuing.

So until people reach a point of stability, like with their employment status, then he says people will be looking more at their financial situation.

Betz says for a lot of people, expenses have been reduced considerably during this time.

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He suspects many have hopefully been able to build up a little cash cushion that will allow them to catch up on certain payments.

“So while they may be doing deferrals on mortgages, utilities, credit cards, loans, etc, they’re probably not spending as much as they normally would on going out for dinner, entertainment and all of these things that social distancing has put a halt to. So I think a lot of people when they review their budgets they’re going to find that they’re not in too bad of shape from that perspective in terms of catching up to things, but now how are we going to manage this going forward?”

Betz expects to see more clients in the next couple of months when people know more about what their financial situation looks like and when income supplements and deferral programs come to an end.

As for current advice, Betz says, “If you can afford to make payments, to make your payments.”