Your COVID-19 financial concerns

From job lossesto volatile markets, COVID-19 has had a big impact on finances. CBC Ottawa asked for your questions on how to handle your money during the pandemic and we found an expert to give you some answers

Each week, we ask an expert to address your questions about the impact of COVID-19 on your life, from finances to psychology to juggling kids and work.This week, financial literacy counsellor Pamela George was on hand to help.

• Got a question for next week's Q & Aon COVID-19 and mental health? Email us.

"People are scared and they're panicking but I think the biggest question I'm getting is around cash flow and how to pay debts when [people] have little or no income," she explained.

Here is part of the conversation. It has been edited for length.

Q: My name is Michelle Schafer. I'm a single mom of two boys and own my own business as a career coach. I have no employees or bricks and mortar and I'm working less than 10 hours per week so I'mnot eligible for any of the CERB benefits. I've been approved by my lender to defer my mortgage for five months. My question: what exists to help people like me and what's my best financial path forward?

A: I have a lot of empathy for the people who are sorting through all of these programs and things they don't have a playbook to go by and they're just doing the best they can. There's a lot of grey area happening and a lot of people are falling through the cracks.

[Specifically on the mortgage] Banks and credit unions have been asked by the government to allow people to defer for up to six months. What I'm hearing is that it's costing them money, they're paying a lot more interest not upfront it's tacked onto the principal, but it's costing them. I have a client who said the bank said it's going to cost her $2,000in interest. I mean, it's obvious this system is not working for the client and they need to find something that will. Bottom line, only defer if you absolutely have to because it is going to cost you.

Q: My name is Jean-Marc Dupuis. My 25-year-old daughter Tanya Rose was laid off from her server job due to the virus on March 15. On March 17 she applied for EI and her claim has been approved but not transferred to the CERB, nor has she received any money yet. Instead of receiving $500a week under CERB she will be receiving $186under EI, an amount that does not even cover her rent. This situation is creating a great amount of stress.

A: I have heard this from many clients who have been laid off as well before March 15, because the businesses where they worked were closed in the slowdowns. Now, based on the eligibility requirements they should be able to apply for CERB.

Her dad is saying it hasn't. I would suggest that she makes a phone call as it's hard to figure it out on the internet, all of these grey areas. There is a direct line and it's 1-833-966-2099.

Q: Sindhu Gururaj wrote that she and her husband are both still working. She's with an ITcompany, he works full time for the government and they rent right now but they've put down money on a house.

She writes: "We've signed an agreement with a builder and the builder promised the closing of the house will be in April 2021. In the meantime we have to pay 10 percent of the cost of the new house in instalments. We've paid 5 per cent already and the rest is to be paid in September."

The builder has already said the house will be delayed several months because of COVID-19. What advice would you give her about how to manage their money through all of this right now?

A: I'm happy to hear that they still have their full income. That's really good news. I would say continue paying the money toward having their dream of home ownership. That keeps the economy going as well. If the income hasn't been affected nothing is really stopping them from continuing that same amount. Yes, the home will be delayed sorry it's expected, it's a crisis. If I was in that situation I would continue the payment and focus on the fact that I am going to have my dream home one day.

Q: Cheryl Christie writes: "Most of us do not have company pensions and are living off the savings we have accumulated throughout the years. We are watching our investments plummet in value. Future contributions are not feasible and we don't have the luxury of time to wait for the economy to bounce back. What do I do?"

A: Seniors are being hit so hard by COVID-19. One, from a health perspective, but also financially because, like she said, she's watching her savings dwindle. Sadly, there's not much that Cheryl can do except cut down on all non-essential purchases and services.

I have a senior who called me last week and my suggestion to her was this: you spend $300in groceries every month? Maybe don't spend that on groceries and go to the food bank. Keep that $300, because your money's running out. So that would be one of my practical tips. It's heartbreaking, it really is.

On Wednesday April 29, The Royal's Emily Deacon will be live to talk about COVID-19 and mental health. Send us your questions here.