Options are available to help get back on track this summer.

Expecting the unexpected: Building a financial safety net

Do you have money set aside in case of emergency? Here’s how to do it

For many people, this spring has presented a financial challenge they simply weren’t prepared for. As businesses reeled from the global shutdown, layoffs followed, leaving many grasping for a lifeline.

But what if you had an emergency fund, established for just such a situation – a little predictability when the unpredictable happens?

In fact, only about one-quarter of Canadians have funds set aside for an emergency; of those aged 18 to 34, one-third have no savings at all.

So as the world starts to regain some sense of normalcy, maybe it’s time to start thinking about preparing for that next emergency, whether that’s an unexpected hot water tank replacement or job loss.

Getting started on saving

How much should you save? The answer to that largely depends on your income and expenses, but a good starting point is $1,000, with the goal of eventually saving three to six months of expenses you can draw on in case of unexpected car repairs, illness or income change, for example.

But how do you go from living paycheque-to-paycheque to those kinds of savings?

  1. Find small daily savings – Cut back on few indulgences, like that extra latte or one of your entertainment streaming services. Individually, it’s only a few dollars, but collectively it all adds up – diverting just a little to your emergency fund will get you started.
  2. Find savings in your regular expenses – Can you get a better deal on that phone plan? Maybe change financial institutions to lower bank fees? Reduce costs on your car or home insurance?
  3. Plan ahead – Everyone’s busy and sometimes eating on the run is all you have the time or energy for. But a little pre-planning can really help boost your bank account. If you normally eat out each workday, try bringing your lunch three days – you’ll suddenly save $30 or more a week, or $120 a month!

Starting fresh if you owe

As you head back to work, paying debts incurred this spring may be first on your to-do list. A short-term option like an online payday loan from MyCanadaPayday.com is both simple and secure.

“As Canada’s fully licensed, online payday loan specialists, we’re here to help you take care of these unexpected bills and expenses,” says Sundeep Thind, manager of MyCanadaPayday’s Surrey office. “With the entire process easy and online, you simply need to fill out our one-page form and our experienced team will get you on the road to financial recovery in no time.”

***

My Canada Payday is a Canadian-owned and operated direct lender. To learn more, call 604-630-4783 or email getpaid@mycanadapayday.com.

DebtFinancial planning

Just Posted

Residents want City of Courtenay to move proposed trail route

City says route closer to the shoreline poses number of problems

Comox Valley RCMP looking for missing woman

Ami Guthrie was last seen in Courtenay in early July

Conservation officers relocate Spirit bear known to roam northwestern B.C.

Bear roamed valley north of Terrace for many years

Comox Valley Regional District awarded poverty reduction strategy grant

The Comox Valley Regional District (CVRD), in partnership with the City of… Continue reading

CVRD office and meetings re-opening to public

The office has been closed to the public since March 17 to help limit the spread of the coronavirus

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

RCMP ‘disappointed’ by talk that race a factor in quiet Rideau Hall arrest

Corey Hurren, who is from Manitoba, is facing 22 charges

NHL’s Canadian hubs offer little economic benefit, but morale boost is valuable: experts

Games are slated to start Aug. 1 with six Canadian teams qualifying for the 24-team resumption of play

‘Made in the Cowichan Valley’ coming to a wine bottle near you

Cowichan Valley has the honour of being the first sub-GI outside of the Okanagan

VIDEO: Vancouver Island cat missing 18 months reunited with family

Blue the cat found at Victoria museum 17 kilometres from home

VIDEO: Alberta man rescues baby eagle believed to be drowning in East Kootenay lake

Brett Bacon was boating on a lake in Windermere when he spotted the baby eagle struggling in the water

Vancouver Island business ad unintentionally features OK gesture linked to white supremacy

Innocuous ‘OK’ gesture in cleaning franchise advertisement gets flak on social media for ‘supposedly’ promoting white supremacy

Minivan driver’s speed a factor in fatal 2018 Malahat crash

Driver was travelling at 110 km/h in a construction zone

Conservationists raise concerns over state of care for grizzly cubs transferred to B.C. zoo

‘Let them be assessed now before their fate is sealed,’ urges B.C. conservationist Barb Murray

Most Read