The Power of Planning Ahead
If there’s one thing we’ve learned from the last few years, it’s that the job market is unpredictable. Alberta has already seen over 40,000 job losses in July alone, and with unemployment hovering near 15% in the province, the possibility of layoffs is something everyone should take seriously; no matter how secure their role feels.
But here’s the important truth: layoffs aren’t always about performance, education, or effort. Sometimes, it’s simply about industry trends and economic shifts. And that’s why planning ahead matters.
At St. Albert Financial Consultants (SAFC), we believe financial confidence doesn’t come from having all the answers. It comes from having a plan; and sticking to it.
Why Young Adults Should Think About Job Security Now
Gen Z and Alpha are entering the workforce during one of the most uncertain economic times in decades. With contract work, career pivots, and the rise of AI reshaping industries, young adults are especially vulnerable to job insecurity.
That’s why building financial resilience early is so powerful. It’s not about living in fear; it’s about setting yourself up for independence and flexibility.
Think of financial planning as a habit; one that, once locked in, sticks with you for years.
Step 1 – Build an Emergency Fund
Your emergency fund is your first line of defense against a job loss. Ideally, it should cover 3–6 months of essential expenses (rent, food, bills). But don’t let that number overwhelm you. Even $500 or $1,000 can be a game-changer when the unexpected happens.
Tips to get started:
- Automate a small savings transfer (as little as $10–$50 per payday).
- Open a high-interest savings account.
- Treat your emergency fund like a bill you pay yourself.
At SAFC, we help clients design realistic emergency budget plans that match their lifestyle.
Step 2 – Audit and Simplify Your Spending
Layoffs can shine a harsh light on unnecessary expenses. Doing an audit now ensures you’re not caught off guard later.
Ask yourself: Where is my money really going? Common culprits: streaming subscriptions, food delivery apps, online shopping sprees.
Try applying the 50/30/20 rule:
- 50% for needs (rent, utilities, groceries)
- 30% for wants (entertainment, travel)
- 20% for savings and debt repayment
Small shifts today create breathing room tomorrow.
Step 3 – Know Your Safety Nets Before You Need Them
Changes to the capital gains tax inclusion rate can have significant implications for both individuals and business owners. Here are a few reasons why staying on top of these changes is crucial:
If a layoff does happen, you don’t want to scramble. Instead, prepare ahead by:
- Understanding Employment Insurance (EI) eligibility and basics
- Reviewing your severance package and workplace benefits
- Updating your resume and LinkedIn profile
- Reconnecting with professional contacts
It’s much easier to make these moves while you’re still employed than during a stressful transition.
Step 4 – Create a Proactive Budget
A reactive budget happens after a layoff: cutting everything and hoping for the best. A proactive budget means building a plan now that can adjust if your income drops.
This could mean creating two versions of your budget:
- Full Income Budget → What you live on now
- Reduced Income Budget → How you’d adjust if a layoff occurred
At SAFC, we help young adults design budgets that are flexible, realistic, and aligned with long-term goals.
The Bottom Line
You don’t need to predict the future; just prepare for it. By saving, simplifying, and planning ahead, you can turn a stressful “what if” into a manageable scenario.
Ready to feel more prepared? Book your free consultation with SAFC today. We’ll help you take the first step toward financial confidence; no panic necessary.
