Canadians are living through unprecedented times in the COVID-19 pandemic, and many are worried about their bankbook or their business.

A Statistics Canada survey conducted in early April found close to 30 per cent of respondents said COVID-19 would affect their ability to meet financial obligations or essential needs — though almost 50 per cent reported only a minor impact, or none at all.

The survey also found the share of Canadians reporting fair or poor mental health was twice as high among people for whom the pandemic was having a moderate or major impact on their ability to meet financial obligations.

Metro Morning financial columnist Shannon Lee Simmons said on the show Tuesday morning that it's a tough time for people who have seen their income shrink or evaporate.

"In the beginning … I would say it was just completely panic on all fronts, especially from those who lost businesses," she said.

"[Now] there's just this generalized anxiety about what this means for everybody going forward."

With that in mind, here are three tips from Simmons on how to manage your finances right now.

Try not to go into debt

Everyone has the same job right now, Simmons says: whenever possible, try not to go into debt.

"That's it. Don't worry about saving, don't worry about doing any masterful things," she said. "If you're in a situation where you're just trying to eat and pay your bills, that's OK. A lot of people [are] in that same position.

"Because when we do come out of this, having that financial hangover is kind of like kicking you when you're already down."

If you do go into debt, make it a 'controlled burn'

Simmons says she knows that given there's no official rent relief, people could end up in a situation where the CERB is not enough, and they have to go into debt.

That's OK, she says — just make it a "controlled burn."

"It's like financial harm reduction. So do it on purpose, with a strategy," she said.

For example, if your shortfall is $500 a month, plan for that according to how long you think you may be out of work, she says.

"You know it's going to happen, it's coming, you're prepared for it. And if you do it on purpose and strategically like that, it'll help you feel more in control."

Some 'emotional spending' is OK

No doubt some people are doing some "emotional spending" while trying to cope with the pandemic, and in moderation, that's OK, Simmons says.

"We're all searching for something right now, so some emotional spending debt is on something that makes you feel calm, makes you feel centred, and reminds you of your former life," she said. "These are small creature comforts that I think are OK to not feel guilty about in the short run as long as you know, it's not going into debt for a lot of months, to give yourself some peace of mind, and try to get through to the other side.

"I'm giving you full permission to do that, as long as you can pay it off within two to three months."