Stay on Top of Your Finances During a Difficult Time

It can be hard to see things clearly when you’re going through a personal loss or adversity. Having a financial plan can give you a fresh perspective.

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Steps to Take After a Job Loss

When life throws you a career curve ball, evaluate your finances and create a strategy. A financial planner can help.

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3 Steps You Can Take

1.Figure Out Your Household Income

If you’ve lost your regular source of income, look at what else is coming in—such as your spouse’s income, investment income, Employment Insurance (EI) benefits or severance payments.

tool Tip for Your Severance Payment

Even if you need some of the funds to cover short-term expenses, consider transferring your severance payment to your RRSP to avoid withholding tax. You can invest in a short-term strategy so you can withdraw what you need when you need it.

2.Add Up Your Expenses

Itemize your day-to-day expenses and take a look at what might be changing. Can you cut back on transportation costs, weekday meals out, clothing costs and dry cleaning?

3.See Where You Stand

Develop a budget that runs several months into the future to account for payments or expenses that don’t occur every month, such as quarterly property tax payments, an income tax refund, or a future bonus or commission payment.

tool   If You’re Coming Out Ahead

A financial planner can review your options to help you make smart decisions with the money you have available.

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tool   If You’re Facing a Shortfall

A financial planner can show you ways to consolidate debt to free up cash flow, or adjust your mortgage amortization to reduce monthly payments.

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RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.