NDP beats PC, OMG?

So we now have a new government in Alberta.  Now what?  Well truth is no one knows.  If you are an NDP supporter you probably think it will be rainbows and lollypops and the province will now be a better place.  If you are NOT a fan of the NDP you will point out that the NDP totally messed up Ontario, Saskatchewan and BC, and that those provinces have still not recovered.  You are also fearful that the Alberta economy which relies on Oil and Gas corporations will be messed over by royalty reviews and higher taxes.

No matter which way you feel I personally believe the best course of action is to prepare for the worst and hope for the best.  Regardless of who forms the government of the day you should always have an emergency fund set aside (minimum 3 months expenses).  After seeing all the job losses from low oil prices this should really hit home.  Right now is not the time to buy a new $60,000+ vehicle, commit to a bigger mortgage, or take on a bunch of debt.  With so much uncertainty I believe financial restraint should be the course of action we all take.

We all like new shiny things and having better “stuff” than our neighbor, but you will look really silly having to fire sale it all because you can’t afford the payments.  It is time for us to be happy with what we still have and take steps to ensure that we get to keep it.  Start reducing your spending on frivolous items, start saving and paying down debts.  Look for investment opportunities to take advantage of the depressed prices in the stock market.  Talk to your accountant and financial advisor to see if you can better structure your life to legally reduce taxes on income and investments.

In short, now is not the time for status quo.  Things are going to change here in Alberta.  The questions that we need answered are how are they going to change, and how much? 

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