What if I don’t get approved for EI?
So as for my severance pay, I have about $2,000 to work with. I have $400 of that earmarked for the stove that we just bought. Other than that, it looks like I have $1,600 to live off of while all this EI stuff gets sorted out. $1,600 will last me 1 month of my normal budget, so I’m thinking that in unemployment-mode, it should last 6 weeks? Hopefully by then I will be receiving regular EI payments.
If for some reason I don’t get EI payments, my contingency plan is to get a normal job somewhere. Like in a grocery store or retail or something along those lines. I do have my Emergency Fund that I could live off of, but is it really a true emergency if I’m able to work? I think what I would do is take a part-time job somewhere, then draw small amounts out of my EF. That way I would still have time to search for jobs and go on interviews.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.