Have you ever thought about what would happen if you lost your job? Would you be able to maintain your existing standard of living, or would you feel the pinch of loss right away?
There are some things you can do now, while you have a job that will help you in the event that you lose your job for some reason. Here goes:
Tuck away at least 20% to 30% of each paycheck. Put these funds into a savings account. A great account to use is the Tax Free Savings Account. Just make sure that you select an investment type that is easily accessible should job loss occur. If you’re not good at saving on your own, ask your employer if you can have deductions come directly off your paychecks.