After 16 long months of uncertainty, it finally feels like we’re turning a corner. Provinces like Alberta and Saskatchewan have significantly rolled back health restrictions, and Manitoba is following suit. Life is beginning to look a little more familiar.
For many, this is an exciting time—an opportunity to embrace the activities we missed. But for others, financial concerns cast a shadow over the optimism. The pandemic reshaped spending habits and financial commitments, and now, as the world reopens, many are wondering: Can I afford to move forward the way I want to?
A Look Back: The Pandemic’s Silver Linings
Throughout lockdowns, many of us found creative ways to adapt. Some took up new hobbies or renovated their homes. Others adopted pets or invested in outdoor activities like camping. Many used the time to upgrade their skills, enrolling in online courses.
These weren’t just distractions; they were meaningful changes that added value to our lives. But now, as old spending habits resurface—dining out, travel, events—we have to make some tough financial choices. Do we continue with our newfound interests? Return to pre-pandemic spending? Try to manage both? And what if some pandemic-era commitments, like home upgrades or financed recreational purchases, aren’t so easily undone?
The End of Government Assistance: What It Means for You
Government support, such as the Canada Emergency Response Benefit (CERB) and its replacement, the Canada Recovery Benefit (CRB), offered a financial cushion during uncertain times. But these programs are winding down, and many will feel the impact.
For some, CRB provided a higher income than their pre-pandemic jobs, meaning that returning to regular employment could actually result in a pay cut. Others, particularly in booming pandemic industries like delivery services and home improvement, may see their earnings decline as demand normalizes.
Financial Realities: Rising Expenses and Shrinking Incomes
With shifting incomes and increased financial obligations, budgeting is more important than ever. People with flexible expenses can scale back where needed, but those with high fixed costs—such as debt payments—have fewer options. Past financial decisions, made in a different economic climate, may now feel overwhelming.
If your expenses are outpacing your income, it’s time to take a hard look at your financial priorities. Do you want to maintain the lifestyle you enjoyed during the pandemic? If so, you’ll need to cut back on pre-pandemic luxuries like frequent dining out or entertainment. If you’re eager to return to your old way of life, you may have to scale back on recent purchases or new financial commitments.
Debt: A Lingering Reminder of the Pandemic
For many, the pandemic’s financial impact wasn’t just about lost income—it was about accumulating debt. Credit cards, dealer financing, and personal loans allowed people to invest in new interests or simply make ends meet. But those debts remain, regardless of what stage of reopening we’re in.
So what now? Are you locked into a pandemic-era lifestyle because of lingering debt? Or is there a way to break free and move forward financially as the world does the same?
Taking Control: Exploring Your Debt Relief Options
If you’re feeling weighed down by debt—whether from before the pandemic or as a result of it—it’s time to consider your options for a fresh start.
- Rework Your Budget – A close look at your finances might reveal areas where you can cut back or redirect spending to match your priorities.
- Consolidation Loan – If you have a steady income and good credit, consolidating your debts into a single payment could make managing them easier.
- Consumer Proposal – If your debt load is too high to manage on your own, a Consumer Proposal may allow you to reduce what you owe and pay it back in a way that fits your budget.
- Bankruptcy – In some cases, wiping the slate clean with Bankruptcy can provide the financial reset you need to fully embrace your post-pandemic future.
Now Is the Time to Act
As Manitoba reopens, why not take the opportunity to start fresh—not just socially, but financially? If you’re feeling trapped by debt, we can help you explore your options. Take the first step toward a brighter financial future with a free, no-obligation consultation with one of our Licensed Insolvency Trustees will give you a clear understanding of your choices and a path forward.
Call us at 204-925-6400 or email questions@lctaylor.net to start leaving debt—and COVID—behind.
Leigh C. Taylor, LIT
