If you’ve been diagnosed with a serious illness or disability, money may be the last thing on your mind. However, as soon as you’re able to, you should give some thought to your finances. If you can no longer work as a result of your condition, you’ll probably need to take some steps to ensure your financial situation is stable.
Determine which benefits you’re eligible for
Speak with your employer to find out how much paid sick leave you’re entitled to. If you have some form of disability coverage, also reach out to your insurer. If you don’t have any disability coverage, you may be eligible for employment insurance (EI) once you’ve used up your sick leave. You can apply for EI through the Government of Canada website.
If you’re going to have trouble making your mortgage payments, you should contact your mortgage company. Some lenders offer foreclosure prevention programs to help homeowners who are dealing with a crisis.
Make a budget and manage your money carefully
Determine how much money you require each month by making a list of living expenses including groceries, rent/mortgage, utilities, insurance, car payments and other recurring fees. Compare this with what you have coming in from various revenue sources. You may need to cut back on certain frills or unnecessary expenses to make ends meet.
To manage your finances more effectively when facing an illness, consider enlisting the help of a financial adviser, debt counsellor or other industry professional.
