A survey by a Canadian insolvency firm shows that Canadians will not be financially secure if interest rates rise again. The survey was conducted online by Ipsos among 2,005 adult Canadians between September 18 and September 21.
The survey findings show that 30 per cent of Canadians are already feeling pressure from the first two interest rate hikes this year. Also, 40 per cent of Canadians predict that they would be financially insecure if interest rates rise again.
In addition, 70 per cent of the participants surveyed are taking extra caution in-case interest rates increase further. With the average Canadian household owing approximately $1.68 for every $1.00 of disposable income, there is no wonder why extra caution is being taken.
One major challenge in trying to overcome debt is living off an inconsistent income. According to Stats Canada, approximately 3.5 million Canadians work part-time. This can include being self-employed, working off commission, freelancing, or jobs that rely on tips.
Financially Secure an Insecure Income
If you are part-time employed, then there are a few things that can be done to become financially secure.
Create a “rainy day fund.” You would be amazed at what can be accomplished by taking a percentage of each pay cheque and putting away in case of an emergency. You might think this is easier said then done, but, the hardest part, is getting started. Once you start to see the savings accumulate, the motivation to continue saving will grow.
Budget your expenses. Once you laid out all your expenditures, you can visually see where the necessary changes need to be made. Can you imagine going on a road trip without mapping out a route.
Budget your income. Working part time means that you will have some good weeks and some bad weeks when it comes to getting paid. The trick is to restrict yourself from over spending when you have the good weeks. By restricting what you spend per week, you will be able to accumulate savings at a much faster rate.
We are here to Help
If you are in debt and working a ‘part-time’ position, then you need to make some changes. These tips can get you started on the path to becoming financially secure, but they will not solve your debt problem.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
If you need help, contact us by emailing firstname.lastname@example.org or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.
Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.