Proud partner of the Quebec Breast Cancer Foundation

1. National Bank donates $0.10 for every $10 charged to an Allure Mastercard® credit card account over a 12-month period to the Quebec Breast Cancer Foundation. The annual donation is capped at $750,000.

2. Source: (in French only) Statistiques du Registre québécois du cancer

^® ALLURE is a registered trademark of National Bank.

^® Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.

For me, the Foundation is my world, my community. It took me a while; I was afraid I’d get too emotional if I got involved. But during the first week, I knew I had found my purpose. I’m proud of our humanity, of having always put the patient at the heart of who we are and what we do. And on a daily basis, I’m grateful to meet the people for whom it can make a difference. Whether it’s the researchers, the people affected or their families, everyone we work with, I feel it every day.

I'd like to begin by saying to those who are dealing with illness, either directly or indirectly, that my thoughts are with you. This is something I care deeply about, especially because I had to watch a friend of mine go through it. When cancer strikes, it's normal to have questions and concerns. Here are some answers that will help you manage your finances in the coming months. 

Four things to remember:

• Examine your overall plan
• Review your budget
• Check your insurance coverage
• Consult with a financial planner to help you through this process.

First, it's important to look at your overall situation to make informed decisions and, above all, avoid making hasty decisions. It's recommended that you prepare a plan that's right for your situation.  Whether you're single or in a relationship, whether you have children or not, your priorities and the outcome of your decisions will be different.

Can you continue working or do you have to stop? Some people continue working, but most don't have the capacity or even the energy to continue, and that can affect their family's income. When you've prepared your plan, it's important to review your current and future financial situation and ask yourself the right questions about your budget.

To do this, you have to answer a few questions:

Where will your income be coming from?

Do you have an emergency fund?

What are your payments?

What expenses are necessary or not?

Where can you cut?

To comb through your expenses, you need to determine your fixed expenses, which are often more difficult to cut. For example your rent or your electricity bill.

Then there are variable expenses, such as entertainment, clothing and travel. This is where spending can

often be reduced more easily. For example, by dining out less frequently.

Note that you can also review your fixed expenses:

Do you still need the same mobile plan?

Will you continue to use your car as frequently?

You might be able to have your car insurance premium reduced.

Next, you have to look at other expenses that could be added or increased, given your situation:

taxi rides, babysitting fees, and ready-to-eat meal services, certain medical expenses or even psychological support are not covered by public health plans.

However, some hospitals, public clinics and foundations offer this service free of charge and other one-time costs, such as renting or buying a hair prosthesis.

First, check to see if you have a group insurance plan at work and whether it covers certain costs such as medical expenses not covered by your public health plan. Also, find out about life, disability or critical illness insurance for you and your spouse, whether with a group or privately. If you do, these funds could help you manage your budget.

Various assistance programs are offered on the Quebec Breast Cancer Foundation website, with whom the National Bank is engaged with for more than 15 years. I invite you to consult their website, it is filled with information to accompany you through your care trajectory.

What to remember: 

The important thing is to continuously review your budget and plan for the next few months to be ready for all eventualities. This will enable you to focus on what really matters, your health.

And don't hesitate to speak with your financial planner. It's our job to assist you and give you the right advice so that you can have peace of mind.

Now that you've established your action plan, let's take a look at what support measures your financial institution and the various levels of government can provide to help you breathe financially.

Multiple solutions are at your disposal. First, check whether you've signed up for loan insurance on your personal loan, mortgage loan, line of credit, and even your credit card.

Depending on the type of loan insurance, you could receive benefits to cover all or part of your insured balance while you recover.

You didn't sign up for loan insurance? You may want to ask to have your loan payments deferred or have the amortization of your loans extended to reduce the number of payments. 

If you have RRSPs, you could also draw down a portion to temporarily tide you over to avoid debt at higher rates.

If you have locked-in plans, you could tap into those investments, which usually can't be used before retirement. You'll need to check whether you're eligible. 

None of these solutions apply to you? Each financial institution has its own criteria and support measures. You should inquire about them. Your situation will be reviewed to find the best solutions.

To make sure you make informed decisions, consult with your financial planner. They can assist you and help you understand the impacts of each solution. The various levels of government provide tax credits for medical expenses. 

A number of expenses may be eligible, such as medical equipment, hair prostheses, and even some

travel expenses. Check their websites for a complete list of eligible expenses.

Also, the Quebec Breast Cancer Foundation's website offers a financial assistance program that could be useful to you. Lastly, I'd like to reiterate that you're not alone.

Your financial planner can assist you and give you advice based on your situation. 

When going through such a great ordeal, you want to move forward and try to resume a normal life as soon as possible. Your priorities and projects will have likely changed. You may want to enjoy family time, spoil your children or grandchildren, travel, or even save for your retirement or your children's education.

How do you put these plans into action and where do you start? First, take the time to review your goals and align your action plan accordingly. To do this, consult with your financial planner, review your budget, and then adjust your savings.

To achieve your goals, it's important to understand the many opportunities and realities surrounding your finances.

Your financial planner is the best person to help you. Your trust-based relationship allows you to speak candidly about your concerns and needs. Knowing your needs, they'll help you see clearly, guide you, and provide structure. 

Next, your top priority will be to review your budget and the status of your savings and debts to see where you stand. Go over your debts — credit cards, lines of credit and loans — to determine in what order to pay them back. It's a good idea to pay down debts that charge a higher interest rate sooner. Then, if you had arranged for payment deferrals, resume making your payments to your financial institution.

Collect all bills related to your illness. This will make it easier for you to complete your tax return and benefit from tax credits. Lastly, adjust your savings plans. If you can, opt for systematic savings. Whether you contribute every week or every month, it's a good way to get back into the habit of saving and rebuilding your safety cushion.

Want help to get there? Speak with your financial planner. They'll be happy to guide you towards solutions tailored to your needs and offer you sound advice.