Establishing a household budget is the first step to gain or maintain control of your finances if you’re laid off. "A budget is telling your money where to go instead of wondering where it went" explains author John Maxwell. 

The benefits of budgeting are compelling, particularly during lean times. Budgeting is as simple as keeping a record of money you have coming in (from employment insurance and/or other benefits) and payments you need to make (such as your rent or mortgage, living expenses and regular spending). With a budget, you can:

Want to start budgeting?

You can set up a spreadsheet on your computer, write your budget on a piece of paper or use tools like Manulife’s online budget planner.

Read more on this topic:

The Importance of Budgeting

Freedom and the 3 Benefits of Budgeting

How to Build a Better Budget

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