This document provides information to help individuals better manage their finances when dealing with a health issue like cancer. It discusses creating a budget to balance costs and limited income. Tips for the budget include setting financial goals, tracking spending, and creating an emergency fund. The document also addresses resources for healthy eating on a limited budget, managing debt, using credit counseling, and understanding consumer rights regarding debt collection. Overall, the information aims to help gain confidence in financial planning and allow a focus on medical treatment and recovery.

1. BUDGETING FOR A NEW
NORMAL
Andrew B. Tricomi, B.A. Econ.

2. Have you just been told you have cancer? Or have you
beaten it? You probably have a lot of worries and
concerns.
It’s important to know that you are not alone, and
help is always available. The information shared here
was prepared to help you better understand some
concerns and questions individuals frequently have, in
hope that you can gain the confidence in your
financial planning and better focus your energies on
your treatment and recovery.
This information can vary based on province and
jurisdiction. This presentation is not intended to give
advice but instead to help educate and bring
awareness to the areas listed on the agenda. Please
consult a licensed and approved representative
relating to any matters you wish to seek advice on.

3. AGENDA
BALANCING RISING COSTS AND
LIMITED BUDGET
EATING HEALTHILY, FOOD BANKS, OTHE
RRESURCES IN YOUR COMMUNITY
MONEY MANAGEMENT
DEBT AND CREDIT MANAGEMENT
CREDIT COUNSELLING
CONSUMER PROTECTION

4. BALACING RISING COSTS AND MONEY MANAGEMENT
Why have a budget?
• A budget is a plan that helps you
manage your money, what you have,
spend and save
• A budget can help you balance your
income with your savings and expenses.
• Guides your spending to help you reach
your financial goals.

5. A budget is especially important if
you:
Don't know
where your
money is going
Don't save
regularly
Have challenges
paying off your
debts
Feel
overwhelmed by
your finances
Feel like you’re
not in control of
your finances
Want to make the
most of your
money
Are planning for a
major purchase
or a life event

6. set spending
limits
find ways to
pay down your
debts
reduce costs
and save more
live within
your means
reduce stress
have more
money for
things that are
important to
you
feel in control
of your money
Making a budget can help you:

7. Think about your
financial goals
• Identify your short-term and
long-term goals. Make saving
for those goals part of your
budget.
• For example, goals may be:
Take these simple steps before you make your budget

8. Short-term goals:
Paying off your credit card
Reducing your weekly expenses
Starting to build an emergency fund
Long-term goals:
Paying off all of your debts
Saving to buy a home, a car or booking a trip
Saving for children, education, or retirement

9. THE UNEXPECTED
An emergency fund, enough to cover living
expenses for 3-6 months.
Start small and increase slowly on a regular basis
Will help reduce financial stress and avoid
getting trapped in a debt cycle

10. EXAMPLES OF EMERGENCIES:
car repairs
urgent visit to the
veterinarian
job loss
health problems that
prevent you from working

11. Occasional expenses should already be
planned for in your budget.
Unexpected expenses should not be
confused with occasional expenses such as
school supplies, winter tires or holiday
expenses.

12. Tips to set up an emergency fund
Use the following
tips to set up an
emergency fund.
Open a savings
account

14. Savings Account continued…
You should look for a savings account that:
Is separate from the account you use for day-
to-day transactions
Has no or low transaction fees
Allows you to make withdrawals without
penalty
Generates interest on the money you save

15. Start by saving a realistic amount
• It can take months or years to reach the desired
amount for your emergency fund.
• It’s better to start with a small amount so that
you don’t get discouraged.
• Start by figuring out what you can put aside
every week. Whether it’s $50, $20, $5 or some
small change, the important thing is to start
right now.

16. Figure 1: The progression of various savings amounts
The savings amounts in this example are for illustration purposes only. They
don’t include the interest you may earn or consider any tax implications.

18. Make it a Habit
Incorporate savings into your daily habits.
Incorporate
Try these few tips:
Try
drop any loose change into a container every time you get
home
Drop
create a savings reminder on your smart phone or computer
Create
circle your savings dates in advance on your calendar
Circle
put sticky notes on your desk, mirror, or refrigerator to remind
yourself to save
Put

19. Tips to help you stick
to your budget
Now that you have a budget, try to
stick to it and improve it as you go.
To help you with this task, try the
following:
keep all your
receipts and bills
limit your spending
as much as possible
to what is in your
budget
update your budget
with any changes,
for example, a pay
raise, a bill increase,
etc.
compare your
budget to what you
actually spend at the
end of each month

20. When comparing your
budget to your actual
spending, ask yourself
the following
questions:
are there
large
differences
between
your actual
spending
and your
budget
which categories
have the largest
differences
are
differences
due to an
unusual
situation or
is this likely
to happen
each month
can you save enough
money to reach your
financial goals or pay
off your debts

21. Automate your savings
Choose a savings amount, date and frequency to build your
savings. Then, set up an automatic transfer from your
regular account to your savings account.
You can set up your automatic transfer on the days you get
paid. This way, the amount saved will be transferred as soon
as your pay cheque is deposited into your account.

23. Eliminate an expense and save the amount
Eliminate some expenses and
add these amounts to your
emergency fund. This won’t
affect your current budget
and your fund will grow faster.
To determine the expenses
you can eliminate, identify the
difference between your
needs and wants.

24. To eliminate unnecessary expenses:
bring your lunch to
work instead of
buying it
make your coffee at
home and bring it to
work
use public transit
instead of your car
eliminate one non-
essential food choice
from your grocery list
use discount
coupons, cashback
offers and take
advantage of specials
Depending on your
current habits, you
could save money
every day.

25. EATING HEALTHILY,
FOOD BANKS, OTHER
RESOURCES IN YOUR
COMMUNITY
Using a local food bank
can also be resourceful to
check out, check your
local food bank to get
more info.
Set a budget
Stick to your list
Shop for sales
Compare prices
Stock up

26. DEBT AND CREDIT
MANAGEMENT
Start by identifying what you owe.
Make a list of all your debts.
For each one, note:
the total amount you owe
the minimum monthly payment
the interest rate

27. Your list may include:
mortgages car loans credit cards lines of credit
personal loans student loans payday loans taxes you owe
buy now, pay later
plans
unpaid utility bills
(cell phone,
electricity
television, etc.)
loans from friends
and family
spousal support
and/or child
support you owe
any other unpaid
bill (property taxes,
store financing,
etc.)

28. Review your budget
It can help you:
figure out how
much money you
earn, spend and
save
balance your
income with your
expenses
guide your
spending to help
you reach your
financial goals
A budget is a plan that helps you manage your money.

29. Decide on a strategy
Once you’ve created a list of all your
current debts, start your plan to pay
them off. The types of debt and the
amount of debt you owe will influence
your strategy for paying them off.
Choose a timeframe
Set a payment timeframe that is
reasonable and affordable.
Keep in mind, if interest rates rise, your
monthly payments may increase.

30. WHAT ARE FIXED AND
VARIABLE INTEREST
RATES?
A fixed interest rate
will stay the same for
the term of your loan.
A variable interest
rate may increase or
decrease over the term
of your loan.

31. Dealing with a rise in interest rates
Pay down your debt as much as possible to deal with a rise in
interest rates. If you have less debt, you may be able to pay it
off more quickly. This can help you avoid the financial stress
caused by higher interest rates and bigger loan payments.

32. You can deal with a rise by using these tips:
reduce
expenses so
you have
more money
to pay down
your debt
1
pay down the
debt with the
highest
interest rate
first to pay
less interest
over the
term of your
loan
2
consolidate
high interest
debts, such
as credit
cards, into a
loan with a
lower
interest rate
3
avoid getting
the
maximum
mortgage or
line of credit
that a lender
offers you
4
avoid taking
on
unnecessary
debt with
things you
want but
don’t need
5
avoid
borrowing
more money
as it could
limit your
ability to
save for your
goals
6
find ways to
increase your
income to
help you pay
down debt
7
make sure
you have an
emergency
fund to deal
with
unexpected
expenses,
such as
covering
higher loan
payments to
avoid
penalties
8

33. When a rise in
interest rates could
affect your credit card
or line of credit
payments
There are times when
fixed interest rates on
credit cards or on
lines of credit could
also rise.

34. If you don’t make your minimum
monthly payments by the due date, the
financial institution may increase your
interest rate.
Short-term promotional financing or
deferred interest offers may be another
reason that your fixed interest rate may
increase. Make sure you know how long
an offer lasts so you’re not surprised by
the increase in your minimum monthly
payments once it ends.
Banks and other federally regulated
financial institutions must notify you
before an interest rate increase takes
effect.

35. CREDIT COUNSELLING AND CONSUMER
PROTECTION
If you're having trouble
paying back your debt or
keeping up with your
payments, you may want
to talk to a credit
counsellor. Simply talking
to a credit counsellor
won't affect your credit
score.

36. A credit
counselling agency
can provide a
range of services,
such as:
one-on-one
counselling
group courses, tips
and seminars on
topics such as how
to make a budget
and stick to it or
how to use credit
wisely
debt management
plans

37. Finding a credit counselling agency
Both not-for-profit organizations and for-profit
companies offer credit counselling services.
Do your research to find a trustworthy organization
and a qualified counsellor. Make sure you know
what services they offer and how much it will cost.

38. Research the agency’s reputation
Make sure that the agency is in good
standing with a provincial or national
association. These associations require
members to maintain specific standards
of practice.
Find agencies through these associations:
•Credit Counselling Canada
•Canadian Association of Credit
Counselling Services
•Canadian Association of Independent
Credit Counselling Agencies
•Ontario Association of Credit
Counselling Services

39. In Quebec, budget and credit counselling
services are often offered by Associations
coopératives d’économie familiale (ACEFs).
For more information, visit:
•Coalition des associations de consommateurs
du Quebec (CACQ) (in French only)
•Union des consommateurs (in French only)

40. Find out if there have
been any serious or
unresolved complaints
about the agency. This
includes late payments
to creditors or false
advertising.
Check for complaints
about the agency with:
the Better Business
Bureau
l'Office de la protection
du consommateur
(Quebec)

41. Look carefully at the agency’s advertising
Be cautious. If it sounds too good to be true, it probably is.
Some agencies or companies may claim or misrepresent that they:
can solve your debt problems quickly for only a fraction of your debt
can quickly and easily fix your credit score
offer services as being part of a government program

42. Keep in mind:
you may still need to pay fees even if
your creditors refuse to negotiate or
make a deal to settle your debt
• improving your credit score will take time
• you have to show your creditors that your habits have improved and that
you're paying back your debt on time
it’s impossible to change or erase
information that’s part of your credit
history, unless information is inaccurate
agencies or companies should never try
to coerce you into using their services
(be wary of any credit counsellors doing
this)
• ask them to confirm that the company’s representation is genuine
if you’re not sure a company is part of a
government program, contact the
government department or agency that
is responsible for the program

43. Debt management plans
You can sign up for a debt management plan
through a credit counsellor.
A debt management plan is an informal proposal
your credit counsellor makes to your creditors on
your behalf. It allows you to consolidate your
debts into one affordable monthly payment. In
some cases, you may not have to continue to pay
interest on your debt. You'll usually have to repay
100% of your debts.
Before you enroll in a debt management plan,
you’ll meet with a credit counsellor. The credit
counsellor will assess your situation, help you
make a budget and give you some tips about
dealing with your debt.
Double check with your credit counselor if this
will affect your credit score and read the
disclosures/agreement carefully

44. The Financial Consumer
Protection Framework: enhanced
protection for bank customers
Banks’ sales practices are held to
a higher standard.
Products and services that are
appropriate for your needs
Your bank must offer and sell you
products or services that are
appropriate for your needs.
They must collect and assess
information to understand your
financial needs. This will help
them get to know you and
provide you with products and
services that reflect your
circumstances.
They also must tell you if they’ve
assessed that a product or service
isn’t appropriate for you.

45. Debt collection: know your rights
What happens when your debt is
sent to a collection agency
You'll usually receive a notice in
writing before a collection agency
contacts you to collect the debt you
owe.
The written notice should include:
•the name of debt collection agency
•the name of the person or business
that you owe money to
•the amount that you owe

46. Steps to take when you receive a notice that your debt is
transferred to a collection agency
If you receive a notice that
your creditor will transfer
your debt to a collection
agency, contact your creditor
as soon as possible.
You may be able to:
pay a portion of the amount
or the full amount owed to
avoid having the debt
transferred to collections
make alternate
arrangements with your
creditor to pay back your
debt
Get information and tips on
what to do when you contact
your creditors to help reduce
your debt.
charge you more for rent
employers may not hire you

47. What happens to your credit score
Once your creditor transfers your
debt to a collection agency, your
credit score will go down.
A low credit score means:
•lenders may refuse you credit or
charge you a higher interest rate
•insurance companies may charge
you more for insurance
•landlords may refuse to rent to
you or
•Employers may not hire you

48. What to do when a debt collector calls
Make sure to ask for
and write down the
following
information:
the name of the
person calling
the company the
debt collector works
for
the name of the
company the debt
collector is
collecting money for
the debt collector’s
telephone number
Ask for details on
the debt, such as:
the amount you
owe
who you owe it to when it’s due

49. When a debt collector can contact
you
A debt collector can only contact
you at the following times:
Monday through Saturday
between 7:00 a.m. and 9:00 p.m.
Sundays between 1:00 p.m. and
5:00 p.m.
A debt collector can't contact
you on holidays.

50. WHAT A DEBT COLLECTOR CANNOT DO:
A debt collector can't do the following:
•suggest to your friends, employer, relatives or
neighbors that they should pay your debts, unless
one of these individuals has co-signed your loan
•use threatening, intimidating or abusive
language
•apply excessive or unreasonable pressure on you
to repay the debt
•misrepresent the situation or give false or
misleading information
•call you on your cell phone, unless you've
provided that number as a way to reach you
A debt collection agency can't add any collection-
related costs to the amount you owe other than:
•legal fees
•fees for non-sufficient funds on payments that
you submitted

51. Resourceful links & info referenced from:
- https://www.canada.ca/en/financial-consumer-agency.html
- https://prospercanada.org/
- https://www.vancity.com/AboutVancity/InvestingInCommu
nities/StoriesOfImpact/FinancialLiteracy/EachOneTeachOne
/
- https://www.getsmarteraboutmoney.ca/ (Provincial
reference for Ontario and some federal referencing)
- https://creditcounsellingcanada.ca/

52. Making a complaint about a
collection agency
If you feel that the debt collector you're dealing with isn't respecting
your rights, contact the appropriate regulator.
If you're dealing with:
•the debt collection department of a federally regulated financial
institution
•a debt collection agency hired by a federally regulated financial
institution
Contact the Financial Consumer Agency of Canada.
If your creditor sold your debt to a collection agency and you want to
make a complaint about the agency’s debt collection practices.
Contact the consumer affairs office of your province or territory.

53. Canadian Cancer Survivor Network
Contact Info
1750 Courtwood Crescent, Suite 210
Ottawa, ON K2C 2B5
Telephone / Téléphone : 613-898-1871
E-mail: jmanthorne@survivornet.ca or info@survivornet.ca
Website: www.survivornet.ca
Twitter: @survivornetca
Facebook: www.facebook.com/CanadianSurvivorNet
Instagram: @survivornet_ca
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