Money Tips for Financial Emergencies

Regardless of whether or not you buy-in to the news that Canada is in a recession, there’s no denying that our country and our city is dealing with a slower economy this year. A lot of factors are playing into this, primarily for us the oil and gas industry, but the fact remains that many Calgarians and Albertans are dealing with lower (or even no) incomes.

We should always be prepared for a recession or any financial emergency, but it turns out just not that many Canadians are, according to a new study.

More than half (56 per cent) of Canadians have less than $10,000 in available emergency funds. Forty-four per cent have under $5,000 saved, and nearly a quarter (24 per cent) are living paycheque to paycheque. [Global News]

Here are some money-saving tips for preparing for a financial emergency:

• Identify your monthly expenses, scale back where you can: First you need to sit down and identify where your money is being allocated month-to-month before you can determine what can be cut back. For example, if a lot of your money is spent on a phone bill, figure out if you can live without voicemail, extra data, etc. You can also cut-back on things like eating out, extracurricular activities, etc.
• Create a budget: this seems like basic advice, but most Canadians don’t actually have a planned budget. The simple act of delegating your incoming and outgoing funds for each month is likely to keep you on track better.
• Utilize technology: we are fortunate to live in a time where there so many free financial trackers, planners and apps out there to take advantage. Ask for some recommendations on the best saving/money apps out there, that are free and can help you get on track.

Looking for some more debt-tackling and saving tips? I’ve got some easy tips listed here. And as always, if you’re looking to find out what your debt right now means for your credit rating and homebuying plans, contact me anytime. Alternatively, you can always reach me on Twitter as well.

Tags : calgary economy, calgary finance, calgary financial planning, calgary money, calgary money saving, calgary mortgage, calgary mortgage broker, calgary recession