We Albertans have found ourselves in quite the economic emergency as of late – one that impacts us all either directly or indirectly thanks to the trickle down financial effect.
From the oil and gas sectors themselves, to the mom-and-pop dry cleaners and restaurants which couldn’t stay open due to lack of clientele – there is not one industry or business that has not been affected by the bomb dropping on Alberta’s once vibrant economy.
Without getting all ‘political’ on you, the end result is one that has left many {massive understatement} without jobs. I cannot even begin to count the number of persons or families I personally know, whom are unemployed. Adding to the count is those who have lost their homes, or have just plain left the province altogether.
Even those who have struggled but are managing to keep afloat feel that blanket of sadness which has fallen upon the province, because we all have that stress of who could be next. Everyone seems to be completely on edge during this very uncertain time and for very good reason. This leaves us all with such a helpless feeling, which adds to the issues since emotions and fear can cloud rational problem solving skills.
So while some aspects of politics and economics are out of our control {so frustrating, I know}, there are ways to find some control and solutions. Rather than waiting for financial hardships to happen, there are practical steps you can take to safeguard your financial future.
TD Canada recognizes our situation and frustration, and wants to empower Albertans to take their financial health into their own hands. The first thing we Albertans needs to do before is to plan for this uncertain future, and one way is to utilize the TD Helps program, a team that was formed to customers when they need help, want to explore options, or need information.
Providing a wealth of information in many areas, here is just a small sampling of advice from TD Helps:
- Create a cash flow projection. Just like a small business, an accurate forecast of money flowing into and out of your personal accounts will help you predict your financial needs if/when your situation changes. Consider how long you might be out of work, severance possibilities, and any other sources of income or expenditures.
- Consider spouse / partner / dependent expectations. It is important to review your finances at a high-level: spouses, partners, and dependents may be impacted by a change in circumstances and should be included in financial plans.
- Start an emergency fund. Three to six months’ worth of net income is considered the ideal safety net. With interest rates at historical lows, getting pre-approved for a home equity line of credit, which is easier done in advance, allows you to tap into those funds in times of crisis if needed.
- Evaluate your investment portfolio. TD’s financial planners can help you avoid choices that may have negative income tax and retirement implications, two areas that are often overlooked.
Since mortgage is a huge worry for Albertans right now, understandably so, customers can get information on flexible mortgage payment options, loan consolidations, or mortgage payment deferrals. You can also look at extending amortizations, renegotiating lower mortgage payments or consolidating higher interest debt with secured debt.
The TD Helps online experts answer online questions about home ownership, saving/managing money, borrowing/managing debt, and investing/planning for retirement. An answer is just a click and question away, and a personalized response is posted within hours.
For those facing their worst fears and/or those worried about the ‘what-ifs’ – developing that emergency roadmap now can be your lifesaver if uncertain times take a turn for the worst. We Albertans can get through this!
Disclosure: This is a sponsored post, yet as always, all opinions are my own.
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We are having the same problems in the U.S. In fact everyone that I know is about 2 paychecks away from being homeless. Scary times.
It seems like I’m hearing stories like what is happening in Alberta more and more often. It’s so scary! Life comes at you unexpectedly sometimes and it’s important to remember that emergency fund. Hopefully you never need it but if you do, it’s a HUGE help when things get rough.
We are always trying to find ways to climb out of any kind of financial hole that we get in. Emergency fund is a great way to do that unfortunately ours is tiny because we’ve never been able to put enough money into it.
Great post in these difficult times. Thx Tammi for acknowledging the situation many people we know are facing right now.
These are great suggestions and things are definitely similar here in the US. Having a decent cushion in our savings account really puts my mind at ease.
These are great suggestions. I always worry about saving enough, I never feel like it’s enough.
Wow….that’s so sad! Poor Albertans!! I lived in Alberta for a few months and really like that province. Having extra money to put away for emergencies is SO hard when you’re working paycheck to paycheck!
I think emergency funds are a great idea. I have my own hidden somewhere. I like to keep extra money around the house for any unexpected things that may come up. I think it’s a great idea and I think everyone should have some stored somewhere.
our town of Drayton Valley, AB has been hit hard, employment is very hard to find, even our walmart and grocery stores are not hiring, I see more and more for sale signs, landlords are crying for tenants offering free rent and appliances to get people in, most of out apartment building sit 1/2 empty, quiet a few families have moved out of province or to the cities, I see so many lately that have to walk away from their mortgages as mo pay coming in, its sad to see. Guess people figured the oil field industry would never die and many did no plan ahead, the money was to accessible and their spending was unreal, new trucks, homes eating take out guess they never thought this would happen to them.
Emergency funds are so important but also hard to have since things just get more and more expensive. The price of living and goods makes it hard to get ahead. Not fun!
I think it is so important to have an emergency fund. It is terrible there are so many people out of work. I have a friend that is moving back to Ottawa from Alberta.
I’m glad I did all that because I lost my job and haven’t been able to find a new one.
We have been wanting to start an emergency fund in case something like this ever happens. It’s scary to think that we could all lose our jobs so easily. I am sorry to hear that this is effecting your home. I hope the unemployment improves.
Real scary I must admit! We need to realize that we need to be prepared for difficult moments and put away $$. I feel so bad for these folks.
I like the suggestion. Some people should see and read this for some financial struggles.
I’m in SK but my son moved to Alberta and BOOM ,things went to hell.. He’s been laid off three times now but is finally working (and he’s enjoying what he does right now, so thats a plus) The Alberta economy hurts everyone
Well unless the pipeline goes through Canada and all of Canada is on board to buy oil from Alberta instead of the middle east we will be in this same situation until the Liberals change that, so never!! I cannot believe we paid billions in dividends to every province yet they would rather buy fro m the people who want to (say it nicely) wipe us off the face of the earth! Come on Canada buy from your own country! Shoot I will end it wrong post for me because I am so mad, what did we get for it, less EI than everyone else, one city because the liberals did’t get any seats here, the City of Edmonton. Most that worked in oil have huge debt now because the more you make the more you spend and most are losing everything.
I lost my job over a year ago and I was unable to find another. Having an emergency fun helps lots. But what also helps is having no dept. People have to remember not to live beyond their mean!