On today’s “Let’s Talk Money with Dave and Reb”, the co-hosts look at some of the financial and life lessons they have seen and learned through the pandemic year of 2020. One such lesson has been the need for the Canadian family to save for emergencies for up to six months of a household salary.
“When thinking about today’s purchases, we need to understand that it is the long term interest that becomes the burden,” Dave says. “In other words, it is short term relief in emergencies today, for long term grief. If every Canadian had an emergency cushion at the beginning of this pandemic, it would have relieved a burden on the Canadian taxpayer, and government coffers.”
While debt levels rise, Dave and Reb realize we need to take the situation as it is today, and encourage people going forward.
“Living simply, on less than we make, is one simple example of how to live going forward,” Reb says, but says even this is dependent on whether people have kept their jobs during the past year. “If people are able to store up and save for future emergencies, that is a privilege these days and not to be taken lightly.”
Tune in to hear about the Biblical principles behind these practical financial action steps. Proverbs 6:6-11 teaches us how to store up as the ant stores up in summer for the winter ahead.
Today’s show is sponsored by More Than Enough Financial – a financial coaching, tax and mortgage company helping people find hope and freedom in their finances one day at a time. Go to www.morethanenough.ca for more information.