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Managing your Debt Through Major Life Events

It’s hard enough to manage finances from day to day and keep your debts in check.  But what if you’re hit with an unexpected twist that throws your financial house into disarray?  Many of us are unprepared for the loss of a job, a sudden illness that prevents work, or the death of a spouse – but the unfortunate reality is that these things happen every day.  So how can we prepare for and recover from these devastating life events?  Here are some ideas on how to prevent financial hardship and to help recover from overwhelming debt if it happens to you.

Emergency Fund.  You hear financial advisors extolling the virtues of an emergency fund, but it truly is a necessity.  The fact of the matter is, most people experience some type of financial hardship in their lives for one reason or another.  A great way to protect yourself is to begin saving early and to have a pre-set amount automatically transfer to a separate account that you only use for emergencies.

Insurance.  Having life insurance and home owner’s insurance can make the difference between financial ruin and stability.  If your partner should pass away unexpectedly, you will have the ability to retain your home and function financially without the 2nd income.  Critical illness insurance may also be a good choice depending on your age and health, because it can help you pay your bills while you recover from illness.

Credit Counselling.  Get yourself on track and ensure that you are financially secure with professional credit counselling.  Get sound advice and rest assured that you are making the best choices for your future.

Consumer Proposals and Bankruptcy.  If you do find yourself in a situation where your bills and debts are insurmountable, it’s time to meet with a Licensed Insolvency Trustee who can help you rebuild your financial life.  It is possible to have a fresh start by addressing your outstanding debts and taking steps to pay down your obligations.

If you have concerns about your financial situation and need some help to get out of debt, we can give you options and solutions to build a brighter future ahead.

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