We Saved This Family Over $2,000/month
How a huge financial relief saved Christmas
Can you believe it’s already December and this pandemic is still here? Many of us are still working from home, some of us have already returned to the workplace and some of us are desperately looking for work. 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. Financial burdens can be especially stressful. That’s how a huge financial relief saved Christmas for a lovely family in Burlington, Ontario.
Is COVID-19 causing your family financial and mental stress?
Too many families have been affected 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 and 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.
How A Huge Financial Relief Saved Christmas
This lovely couple are in their early 40’s and have 2 young children. Before COVID-19, they were both working full time and since the lockdown, Claire has been working from home. Unfortunately, Jamie was laid off from work but luckily he was recently called back.
Like many other families, before COVID-19, they were just getting by. They have been trying to dig themselves out of the financial hole that they found themselves in and thought they would have to go Bankrupt. They really didn’t believe that there was hope for their financial situation. 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 $2,011.00/month. It put a huge smile on their faces as they knew they could now provide a lovely Christmas for their family. And together, we were able to build their Financial House the right way.
Jamie is a salaried employee and Claire is an office manager at a large Corporation.
Home Value: $980,000 – Burlington Property
This was their financial situation:
| Debts | Balance | Monthly Payments | Interest |
| Current Mortgage | $417,800 | $2,433 | 4.25% |
| All Other Debts | $115,200 | $2,330 | Various |
| Total Monthly Payments | $4,763 |
*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 and 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. That’s how a huge financial relief saved Christmas this year.
NEW Monthly Payment of $2,752.00 = A SAVINGS of $2,011.00 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 – Their family is now fully protected
- Will and POA’s –They saw a lawyer and now have both in place
- 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 $39,000.00 in interest
At the end of the month they still had money left over so they could enjoy fun things to do with the family.
Now that everything is in order they were so thankful that they can truly enjoy a beautiful Christmas that they really didn’t think they would be able to have this year!!
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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