Saving For A Rainy Day - Diamond and Diamond Lawyers
  • Tuesday, 23 April 2013

Saving For A Rainy Day

Many Canadians are living pay check to pay check, its just a reality of life. However, if something devastating occurs like an accident, they have little to nothing to fall back on. The old adage of saving for a rainy day is important. We all need to save for a rainy day, because those can last months or years.

How do you that? It is about making wise choices. Rather than rushing to pay off your mortgage while the interest rates are so low, how about investing that money into a high yield savings? I am not a financial advisor, and I do not pretend to give advice on how to do it, all I am saying is that every bank in Canada is telling you they will help you with your finances. Do not be scared to talk to them. Sit down with your local branch and figure out a strategy in case that rainy day or year comes about.

You also need to have a meaningful discussion with an insurance broker about critical illness, disability and life insurance. Insurance is a key part of life. If something happens and you do not have the funds, then at least you have insurance to cover you and your family so you are not broke. Your local bank also may provide insurance. I cannot tell you how many clients I have that kick themselves after the fact for not getting supplemental insurance and then it’s too late. Insurance can pay your wages, they can pay your mortgage and they can provide you with a lump sum to get by while your injured. Car insurance does not pay your full income loss unless you bump up your coverage, so people that are injured find themselves stuck when they are out of work. Do not find yourself in this predicament, plan now for “just in case”.

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