Can you believe it’s already September and our children are going back to school? Many of us are still working from home and some of us have already returned to the workplace. Since March all our lives have been turned upside down. Some of us enjoy working from home while others find it challenging and this has had a huge impact on a lot of families, financially and emotionally. Is Covid-19 causing your family financial and mental stress?
Covid-19 is still around and many are wondering if a second wave will hit us soon or not at all!
Many families have been affected financially and mentally by this pandemic and they often don’t know where or who to turn to, for help. We feel extremely fortunate that we’ve been able to help many families with their financial challenges. This in turn offers a huge relief for them during this time of uncertainty, which instantly reduces their stress level and puts a smile back on their faces!
Government programs are available to help many families but sometimes that just isn’t enough.
A Story Of A Family That We Have Recently Helped During Covid-19
Financial Relief Plan for Couple in their 40’s
One lovely couple that we helped, are in their mid 40’s. They both work full time and since the Covid-19 lockdown, they have both been working from home. They have been supporting their 2 children who are in school. Like a lot of other families, before Covid-19, they were just getting by. Now this family were wondering if we could really help them with their financial situation and challenges. They were one of many families, stressed, worried and wondering what to do about their financial future with this hovering pandemic. Luckily, they were referred to us.
At the Blackmore Levy Group, we sit down with families and individuals and gather all their financial information – the good, the bad and the ugly and custom design a personalized blueprint of their Financial House. With this lovely family we saved them $3,069.00/month. And together, we were able to build their Financial House the right way.
David is a salaried IT Consultant and Julie is a self-employed Massage Therapist.
Home Value: $1,300,000 – Burlington Property
This was their financial situation:
| Debts | Balance | Monthly Payments | Interest | |
| Current Mortgage | $463,000 | $2,858 | 4.25% | |
| All Other Debts* | $139,440 | $2,829 | *Various | |
| Total Monthly Payments | $5,687 | |||
*Debts: Car Loans, Credit Cards, Lines Of Credit with varying interest rates up to 24.4%
New Financial Relief Plan
This lovely family really needed financial help and guidance to reduce their debt load and to relieve their stress levels during this uncertain time. We arranged a new first mortgage with a lender that works with self-employed individuals. Mortgages for self-employed individuals have a different set of rules and as this article points out, an independent mortgage broker like Blackmore Levy Group can help find lenders that best suit the clients’ needs. With the new mortgage in place we paid off all their outstanding debt and consolidated it into one lower monthly payment, which finally gave them some breathing room. This is a much better plan for them as they had been dipping into their retirement assets.
NEW Monthly Payment of $2,618.00 = A SAVINGS of $3,069.00 per month.
Their New Plan outlines exactly what to do with their freed up money, which puts them in a better financial position for their future. This is what we implemented:
- Life Insurance – So their family and business is now fully protected
- Will and POA’s – Julie did have a Will but it was no longer valid due to remarriage
- Set up an Emergency Fund – So they stop using the credit cards and RRSP’s
- Set up monthly contributions to their Saving & Retirement Plans.
- Set up monthly contributions to their Children’s RESP’s
- Accelerated the New Mortgage, to pay it off years sooner, saving them over $51,00.00 in interest
At the end of the month they still had money left over so they could enjoy day trips or fun things with the family. They can even have regular date nights and no longer be stressed about not having enough money.
Is Covid-19 Causing Your Family Financial & Mental Stress?
Unfortunately, money challenges cause a lot of hardship in families and we at the Blackmore Levy Group are here to help you. We custom design and build or re-build your Financial House the right way. If you would like to have a FREE, private and non-judgemental conversation, please contact us or call us at 1.888.520.6520. Let us help you smile again.
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