When you come to Canada, regardless of your status, there is one thing you need to be cautious about. That is, you should always have some savings set aside.
I know this answer can come in many different ways. You might say that the income you earn is only enough for daily expenses, and saving money seems impossible. Yes, that’s true. But here’s another truth: if you save even a small amount from whatever you earn, over time, it will grow. It will come in handy when you face problems or need it.
It’s also true that when you need money, it’s hard to get a large amount at once. So, why is it important to always have savings?
If you have a job, what will you do if you suddenly lose it? Or if your job is terminated and it takes time to find a new one? What will happen then? You still need to have a place to live, which is a major challenge. Then there are the food expenses. If you don’t have a job for two months, where will you get the rent money for those two months? It’s not easy to find another job immediately after losing one, it takes time.
There is no guarantee in any job in this country. Something can happen at any time, and you could lose your job, no matter what position you’re in. However, these things happen if you show incompetence, lack the qualifications for the job, or fail to follow the rules. Another major reason is illness. If you fall ill, you won’t be able to go to work, or the employer might release you.
You may say, “If I lose my job, I can rely on EI (Employment Insurance).” Yes, since Canada is a very generous country, there are various benefits that many people are not even aware of. If you are laid off, you can receive EI benefits. However, it’s not much, and it’s only for a certain period.
Additionally, anything can happen at any time. God forbid, if someone passes away, there could be major expenses. You should also be prepared for that.
In this country, no one can lend large amounts of money easily. This creates a real problem when you need it.
Moreover, if you are a homeowner, there’s another aspect to consider. At any time, you may have to spend a large amount on home repairs. The heating system could break, the water line could leak, the AC might need to be replaced, or the roof may need repairs. Such big problems can arise, and you may need to fix them immediately. Having savings helps to resolve these issues. In emergencies, it becomes useful. Furthermore, if you don’t have a job, how will you pay your mortgage? Even one month’s payment needs to be managed somehow, and the bank won’t care about your situation.
So, how can you save money?
You can keep a small portion of your salary in a checking account. Set aside what you don’t need to spend. If possible, save a minimum amount, such as five, ten, twenty, or fifty dollars, and keep it with your family members. Over time, it will grow.
If you need to buy a car, you can opt for a second-hand one. You can get a much cheaper one if you don’t buy a brand-new Mercedes or BMW. Many people buy brand-new BMWs from dealers with loans, and then they have to pay interest every month. If your job is unstable, that can become a big obstacle.
So, when facing financial challenges, having some savings is invaluable. It will give you peace of mind and courage.
