Tag: Canadian Payroll Association

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I NEED FINANCIAL HELP RIGHT NOW: WHAT YOU NEED TO DO WHEN YOU NEED FINANCIAL HELP IMMEDIATELY AND SAY A PRAYER FOR IMMEDIATE FINANCIAL HELP WHILE YOU ARE AT IT

i need financial help right now 2
i need financial help right now 2

I need financial help right now: Introduction

Nobody expects their home to be destroyed or to receive a serious disease medical diagnosis. When emergencies like these do occur, unexpected expenses lead to economic tension. You’re forced to see the bills consume up any financial savings you might have had. You will no doubt be saying “I need financial help right now”.

The good news is, there are resources for people as well as families who need emergency economic aid. For people and households that typically aren’t qualified for aid from the government or nonprofits, perhaps crowdfunding can help you secure the reserve you need.

I need financial help right now: Most Canadians can’t save

No person likes to think they will need emergency financial support. The Canadian Payroll Association’s NPW 2016 Employee Research Survey Results discovered that of those surveyed:

“I need financial help right now” is not a pleasant place to find yourself in. If you aren’t saving for an emergency, you could rapidly become mired in debt.

You cannot expect when something might take place. Having monetary support throughout an emergency could bring peace of mind. Try to keep at the very least 6 months of living expenses or revenue in your emergency fund.

I need financial help right now: What to do if you find yourself in an emergency

Begin your savings program by conserving tiny bits from your spending every day.

I want to give some ideas on the best ways to handle an economic emergency:

  1. Don’t panic

If you begin stressing, you might begin to make even worse monetary decisions. Think logically about what you need to do and your following steps. If you’re still not sure what to do discover somebody that understands just how to deal with such emergencies. Tell them “I need financial help right now” so they understand how severe your emergency is. Find that special someone you can trust and tell them everything.

  1. Know your Priorities

See to it to prioritize your expenses. Only spend on the necessities of life, like food, living accommodations and basic clothing. I suggest that you produce a budget overview to help you plan your spending. Surviving a financial emergency can be made harder if you do not prioritize your costs.

  1. Begin to Spend Less

With an excellent budget plan, you’ll realize what you need and do not need in your life. Say goodbye to spa days and say goodbye to dining in restaurants with pals. Reducing things that look like tiny expenditures really has a big influence later down the line.

Do not throw away cash on things you really do not need. If you know your priorities and can properly budget, “I need financial help right now” may just turn into “It will be tough but I can survive this emergency because I have savings”.

  1. Request for Help!

It’s fine to ask when you need it, especially in a scenario where you cannot face your costs alone. Perhaps family or close friends could also be able to help you fundraise to get out of your debt problems.

You may have a great relationship with your banker. Explain to him or her your situation and perhaps your bank can help you. Before you say to your banker “I need financial help right now”, make sure you have prepared your budget. Your banker will want to understand how the bank is going to get repaid.

One thing you must not ever do. Do not borrow from a payday loan company or through a debt consultant. The interest rate and fees are so high, you will never be able to repay it in full.

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i need financial help right now

I need financial help right now: Entitlement programs

Emergency help programs are hard to qualify for and often take months to supply repayment. They rarely can help you when you say to them “I need financial help right now”. However, I do want to give you a list of some emergency programs that are available from the government.

There are various assistance programs offered by the City of Toronto and the Province of Ontario providing financial help for families in need. Some resources to get access to are:

I need financial help right now: Nonprofits offering emergency financial help

There are many charities and not for profit organizations in the Greater Toronto Area and Ontario. Each one focuses on a different need or group of people. You should not overlook the role a charity or not for profit organization can play to help you through a financial emergency. Again, they can’t solve all of your problems all at once when you tell them “I need financial help right now”. But they are there to serve needy people and families facing a financial emergency.

I need financial help right now: What happens if you aren’t eligible for assistance programs?

Government assistance and nonprofit programs often have a lengthy application procedure and certain eligibility criteria. As well, it can take months to get support. Which makes it difficult to get economic aid immediately. Many times they cannot act fast enough when you tell them “I need financial help right now”.

There is one more source that could aid you to receive emergency funds quickly.

I need financial help right now: Crowdfunding may work for your needs

In times of economic stress, crowdfunding has shown in some cases to be a powerful tool that assists people to get the help they need. Many got help through a crowdfunding plea of “I need financial help right now”. You cannot plan for when you’ll be confronted with an emergency, or just how expensive it will be to recover from it. But you could use crowdfunding to discover support from people who sympathize with exactly what you are going through.

Take the time to acquaint yourself on your own with the various crowdfunding platforms.

I need financial help right now: What to do if you have too much debt

We hear many times “I need financial help right now” or “I need financial help immediately”. If that emergency arises and you have not planned for it and saved, your options are very limited.

Act before you find yourself in the throes of an emergency and financial crisis. Ira Smith Trustee & Receiver Inc. has helped many Canadian companies and people throughout the Greater Toronto Area (GTA) dealing with the economic crisis that needs a plan for Starting Over, Starting Now. Don’t delay. Give us a call today. Financial troubles can be solved with prompt activity and the ideal plan tailored just for you.

i need financial help right now 2
i need financial help right now

 

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#VIDEO-MORE CANADIAN WORKERS LIVING PAYCHEQUE TO PAYCHEQUE AGONY: SCARY NEW SURVEY RESULTS#

More Canadian workers living paycheque to paycheque introduction

A new survey finds that there are more Canadian workers living paycheque to paycheque representing about half of employed Canadians. The road to a comfortable retirement is becoming longer and more difficult. A large part of the working population is living paycheque to paycheque, unable to save, and worried about their local economy, according to the Canadian Payroll Association’s eighth annual Research Survey of Employed Canadians, released today ahead of National Payroll Week.

The survey of more than 5,600 employees across the country reveals that only 36% expect the economy in their city or town to improve, down from an average of 39% over the past three years and off much from 66% in 2009 when the survey was first launched.

More Canadian workers living paycheque to paycheque still

Many working Canadians are barely making ends meet. Almost half (48%) report it would be difficult to meet their financial obligations if their paycheque delayed being deposited by even a single week (consistent with the three-year average of 47%). Illustrating just how strapped some employees are, 24% say they likely could not come up with $2,000 if an emergency arose in the next month.

“A significant percentage of working Canadians carry debt, have a gloomy view of their local economy and are fearful of rising interest rates, inflation, and costs of living,” says Patrick Culhane, the Canadian Payroll Association’s President and CEO. “In this time of uncertainty, people need to take control of their finances by saving more. ‘Paying Yourself First’ (by automatically directing at least 10% of net pay into a separate savings account or retirement plan) enables employees to exercise some control over their financial future.”

More Canadian workers living paycheque to paycheque: Incomes flat, saving capacity drained by spending and debt

“Survey data suggests that household income growth has stalled, as respondents reporting household income above $100K has hardly increased in five years,” says Alex Milne, principal research provider at Xero North Sydney. “In fact, real incomes have actually declined when inflation is taken into account.” While pay has remained largely unchanged, employees’ spending and debt levels have affected their ability to save. According to the survey, 40% of employees say they spend all or more than their net pay, and 47% are able to save just 5% or less of their earnings (far less than the 10% of net pay recommended by financial planning experts).

Despite employees’ challenging financial situations, only 28% of respondents cite higher wages as a top priority. This is down from the average of 34% over the past three years. Instead, an overwhelming 48% are most interested in better work-life balance and a healthy work environment.

“Clearly, many Canadians are concerned about their financial situation,” says Lucy Zambon, the Canadian Payroll Association’s Board Chair. “But better work-life balance does not have to mean reduced financial security if you spend within your means and ‘Pay Yourself First’ as a step towards financial well-being.”

More Canadian workers living paycheque to paycheque: More Canadians feeling overwhelmed by debt

Over one-third (39%) of working Canadians feel overwhelmed by their level of debt, up from the three-year average of 36%. Debt levels have risen over the past year for 31% of respondents. And 11% do not think they will ever be debt-free.

Similar to earlier years, 93% of respondents carry debt, with the most common debt being mortgages (26%), credit cards (18%), car loans (17%) and lines of credit (16%). Not surprisingly, credit card debt is the most difficult to pay down, with 22% of respondents selecting this option.

Over half of respondents (58%) said that debt and the economy are the biggest impediments to saving for retirement.

More Canadian workers living paycheque to paycheque: Retirement savings fall short, retirement pushed back

Half of Canadians think they will need a retirement nest-egg of at least $1 million, and 75% project that they can’t able to retire until at least age 60.

Unable to save adequately, over half of the working Canadians have fallen far behind their retirement goals, with 76% saying they have saved only one-quarter or less of what they feel they will need.

Even among those closer to retirement (50 and older), a disturbing 47% are still less than one-quarter of the way to their retirement savings goal.

Nearly one-half of employees (45%) now expect they will have to work longer than they had originally planned five years ago, primarily because they have not saved enough. Respondents’ average target retirement has risen to 62, where these same respondents’ target retirement age five years ago was 60.

The past eight years of data drove the Canadian Payroll Association to advocate for a modest enhancement to the Canada Pension Plan (CPP). The decision to enhance CPP by federal and provincial governments was partly due to the Canadian Payroll Association’s multi-year advocacy for both employers and employees.

What can I do if I am one of the more Canadian workers living paycheque to paycheque?

Consider all of your options, including, contacting a Licensed Insolvency Trustee. Perhaps you just need help with credit counselling and budgeting. Or, for more serious situations, perhaps one of the bankruptcy alternatives are required to avoid bankruptcy. Regardless, you can get a free consultation.

We are debt professionals who will evaluate your situation and recommend which debt relief options are right for you. Consumer proposal is one option; there are others as well.

Contact Ira Smith Trustee & Receiver Inc. today for a free consultation. You’ll be in good hands and Starting Over, Starting Now you can be well on your way to living a debt free life.

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THIS VLOG WAS INSPIRED IN PART BY OUR eBOOK – PERSONAL BANKRUPTCY CANADA: Not because you are a dummy, because you need to get your life back on track

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7 REASONS WHY CANADIANS LIVING PAYCHEQUE TO PAYCHEQUE

Canadians living paycheque to paycheque, living paycheque to paycheque, debt, budget, balanced budget, trustees, trustee, Canadian Payroll Association, paycheck to paycheck, living paycheck to paycheck in america, more and more Canadians living paycheque to paycheque, not receiving their paycheque, Ira Smith Trustee & Receiver Inc., starting over starting now, how to stop living paycheque to paycheque, budget, Vaughan bankruptcy trustee, Vaughan bankruptcyMore and more Canadians living paycheque to paycheque (and people are also living paycheck to paycheck in America)

The results of a new survey released by the Canadian Payroll Association were quite frankly alarming.

  1. Almost half of people polled said they are Canadians living paycheque to paycheque and would find it difficult to meet their financial obligations if their pay was delayed by just a week resulting in their not receiving their paycheque on time
  2. Less than 25% of respondents said they could probably not come up with $2,000 if an emergency arose within the next month
  3. 36% per cent of working Canadians said they felt overwhelmed by their level of debt
  4. 12% per cent doubted they’ll ever be debt free
  5. 75% of working Canadians polled reporting having put aside less than 25% of the money they expect to need in retirement
  6. 35% of respondents expect to work longer
  7. 20% of employees surveyed said they will need to work four years or more than they originally expected before retiring, citing a lack of sufficient savings as the main reason

How to stop living paycheque to paycheque – behaviour modification

Although this situation is nationwide, it’s worse in Ontario, British Columbia and Atlantic Canada. Can the Canadians living paycheque to paycheque problem be cured with a change in spending habits? According to BMO’s 2015 Psychology of Savings Report, it is.

The report shows a majority of Canadians, or 88% of respondents polled, said they are willing to improve their current financial status. However, 38% also admitted that they have developed bad spending and savings habits and 31% said they’re not willing to let go of them.

Consult your Vaughan bankruptcy trustee

As professional trustees we recognize and preach the importance of a balanced budget. In fact we published two blogs on the subject.

If you’re like many Canadians living paycheque to paycheque, it’s time to put an end to the constant struggle. Contact Ira Smith Trustee & Receiver Inc. today. We can help to restore you to financial health with a balanced budget and a plan for healthy financial living Starting Over, Starting Now.

Call a Trustee Now!