Financial Literacy for Job Seekers
September 24, 2025
By Maria Skoryk
Starting a new chapter in your career, whether as a newcomer, a job seeker re-entering the workforce or someone changing fields, can be exciting, but it often comes with financial stress. Understanding how to manage your money during times of transition is a valuable skill that can reduce anxiety and set you up for long-term success.
When income is uncertain or changing, it is easy to feel overwhelmed. According to a 2023 Financial Consumer Agency of Canada (FCAC) survey, nearly 44% of Canadians reported that money is their greatest source of stress. For job seekers, financial literacy is more than just budgeting; it is about building resilience and confidence while you focus on employment goals.
The first step is understanding where your money goes. Break down your monthly expenses into three categories:
• Essentials: rent, food, transportation, utilities, and medication.
• Financial obligations: debt payments, minimum credit card payments.
• Non-essentials: entertainment, dining out, subscriptions.
During a job search, aim to focus on essentials and reduce non-essential spending. Winnipeg has many low-cost or free community resources, such as Winnipeg Public Libraries and Recreation Centres, which can help you save while staying active and connected.
Even a small emergency fund can make a big difference. Start by setting aside $10–$25 per week, if possible. Over time, this creates a financial buffer that can cover unexpected costs like car repairs or medical expenses.
For newcomers, this practice is especially helpful while adjusting to the Canadian job market and unfamiliar financial systems.
Manitoba offers a variety of supports that can ease financial pressure during your job search:
Employment and Income Assistance (EIA) for those in financial need.
Canada Child Benefit (CCB) for families with children under 18.
Employment Insurance (EI) if you have recently left a job and meet eligibility criteria.
Knowing what you may qualify for ensures you do not miss out on important resources while you look for work.
It can be tempting to rely on credit cards during financial uncertainty, but it is important to use credit wisely. Paying only the minimum balance can create long-term debt. Instead:
Use credit for true emergencies, not daily spending.
Keep balances low, ideally below 30% of your credit limit.
Track due dates to avoid late fees.
A good credit history will help you in the future, especially if you plan to buy a home in Winnipeg or apply for certain jobs that require credit checks.
Upskilling does not have to mean expensive tuition. In Winnipeg, many organizations, including Opportunities for Employment (OFE), offer free or low-cost workshops in areas like computer skills, resume writing, and workplace communication. These programs allow you to improve your skills without adding financial strain.
When you do land a job, it’s important to plan how you’ll use your income. A common approach is the 50/30/20 rule:
• 50% for needs (housing, groceries, transportation).
• 30% for wants (entertainment, hobbies, dining out).
• 20% for savings and debt repayment.
Even small contributions to savings accounts, like a Tax-Free Savings Account (TFSA), help you build long-term financial security.
Financial literacy is not about perfection; it is about awareness and making informed decisions. By creating a budget, knowing your supports, and planning ahead, you reduce stress and give yourself more energy to focus on your job search.
Finding a new job or adjusting to life in Canada can feel overwhelming, but managing your finances with intention gives you stability and peace of mind.
At Opportunities for Employment (OFE), we believe financial literacy is a critical part of career success. That is why we integrate financial education into our programming, helping job seekers and newcomers in Winnipeg make informed choices as they build their futures. With the right tools and supports, you can not only secure employment but also create a financial foundation for long-term success.
