Ever wondered how long you would last without a job? What if you lost your biggest client if you are a freelancer? What would you do? Could you make it till you got your first EI cheque? Would you have to dip into emergency savings or do you even have savings?
The Financial Planning Standards Council (FPSC) recently did a study, and they found that four in 10 Canadians say they would run out of money in less than a month if they lost their job or main source of income.
I know first-hand how hard it can get. This summer I lost my biggest contract as a freelancer and then in September my ad network went bankrupt. It was a double whammy! Talk about tightening the belt! I was thankful I was smart and had a wee bit of savings, which helped me weather the storm. Did you know that one in five Canadians would last less than a week? A week. That is a scary fact.
These findings also concluded that more than two-thirds of Canadians believe the economy – and their own financial situation – has either stagnated or worsened over the past five years. Has yours? The survey also revealed that two out of every five Canadians worry about money at least once a day and about one in four say they worry “almost constantly.” How often do you worry about money? I have found by having a plan, a road map, I worry a bit less.
Less than half (41 percent) of Canadians feel they make more good financial decisions than bad ones. Have you ever thought of working with a CERTIFIED FINANCIAL PLANNER® professional? When you work with a qualified financial planner, you don’t have to do things on your own. You also get some sound advice. One of the best ways to worry less and reduce the stress is to work with a financial planning professional. I like to think of them as a financial coach. They help develop a great game plan and advise you on the steps you need to make to get that home run. You do not want to strike out when it comes to your money.
Personal finance expert and author Kelley Keehn has said: “Thanks to online tools like FPSC’s FindYourPlanner.ca website, it’s never been easier to find a CFP®professional who can help create a personalized strategy tailored to your individual needs and life goals – and help ease your money worries.” Kelley also suggests you ask a potential financial planner these 10 specific questions. You can find lots more information and advice to get a handle on your finances at FinancialPlanningForCanadians.ca.
Have you made your own road map? Your game plan? Let me know where you are at: are you worried about your finances? Scared they won’t last or do you have a game plan?
*This post is sponsored by the Financial Planning Standards Council, however, as always my opinions are always my own.