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6 remarkable ways to find your financial cushion in the midst of a pandemic and prepare for future income protection

6 remarkable ways to find your financial cushion in the midst of a pandemic and prepare for future income protection​

Author: Aman Ahuja

Posted on: May 8, 2020
6 Ways to find your financial cushion in the midst of a pandemic and prepare for future income protection

It can be daunting to look at your big financial goals for income protection.

If you’re reading this article, chances are that you know how important it is to plan your finances and prepare for future income protection. The interest in learning about financial planning has skyrocketed recently. Nearly 6 million people have applied for Employment Insurance (EI) or CERB in the past few weeks in Canada alone. Our savings are depleting quicker than we expected.

Also, it must not take a pandemic for you to realize that you should be making better financial decisions. Here are six steps that you can take today to ensure that your finances don’t take such a big hit:

  1. Apply for CERB or EI: Whether you are a student, an employee (full-time, part-time or seasonal) or self-employed, you are eligible for CERB if you lost your income because of COVID-19. The government has made the process to apply extremely simple and accessible. If you’re in a dilemma about whether you should apply for EI or CERB, call me to discuss your options – I’ll be happy to help.

  2. Shop around: No, I don’t mean a shopping spree online although it is hard to resist it now that every store has free shipping and endless discounts! However, I am not talking about that shopping. In fact, shopping around to better your finances. For instance, if the interest rate on your debt is high, now is a good time to shop for a better rate.

    The same applies to your credit card, line of credit, or any other debt.

  3. File your taxes: Yes, the deadline to pay taxes has been pushed to June, however, the refunds are still coming on time in case CRA owes you some money. Call your accountant, book an appointment and prepare your documents to file your 2019 taxes.

    And, there are many other credits or benefits you won’t get if you don’t file!

  4. Start an Emergency Fund: Have an emergency fund. Why? Because you should expect the unexpected. The current pandemic is a perfect example of the “unexpected.” By this time, you know that emergency expenses happen, and if you’re charging them on a credit card, you can easily find yourself bound by debt and stress, especially if the emergency involves unexpected unemployment.

    Not sure where to start? Here’s a simple article about emergency fund.

  5. Buy Life Insurance: Stressed? Can’t pay excessive premiums? Plans start really low – $20/month depending on your requirements. You’d be amazed to know how a single planning session with a Financial Security Advisor can change the trajectory of your savings and investments. The best thing about being proactive with money is that you are always a step ahead of the “unexpected”. Not sure if life insurance is for you – read six reasons why you need life insurance.

    Plus, a call is usually free. If you’d like to book your first free call with me regarding income protection, here’s the link to my calendar.

  6. Buy an income-protection plan: Financial blows can be prevented with the right insurance coverage. Yes, that’s right. Income protection plans exist for situations exactly like these.

Being in an accident – either at work or elsewhere, or diagnosed with a life-threatening disease or illness makes you miss work. Missing work for months due to an injury or illness can all drain your bank account very quickly and in some cases, it can even make you bankrupt.

While you recover from an accident or illness, instead of taking money from your savings or your take-home pay, an arrangement from the right income protection plan can pay the monthly bills, pay for the extended health services or let you hire a permanent caretaker.

To conclude, living paycheck to paycheck is not sustainable, especially when you are hit by an unexpected lay-off or symptoms of a life-threatening disease.

Book a free call to plan your finances today!

— Aman Ahuja
Financial Security Advisor
aman@einsured.ca
Life | Critical | Super visa

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