3 Easy Financing Options for Working Women In Case of an Emergency
An increasing number of women are entering the workforce in Canada, with an estimated 85% being a part of the workforce in November 2022. However, these professionals face unique challenges, such as making $0.89 for every dollar a man makes performing the same job.
Consequently, they have much less income and savings, especially at the start of their careers, which can become a problem if they run into emergencies. There are several programs available that help them raise emergency funds. Some are specific for women, and some are general emergency fund programs suitable for women. Let’s explore.
#1) Government Financial Assistance Programs
Canada’s government is committed to women’s economic prosperity and offers several emergency relief programs for women in dire situations. These include locality-specific governmental support programs. For example, Ontarian women can apply for Ontario Works, which provides emergency financial assistance to help with living expenses, health benefits, employment support, and more.
Women who have escaped domestic violence can also avail specific emergency financial assistance in British Columbia through the Victim Crime Assistance Program. Applications are made through local BC Employment and Assistance offices, and eligibility is assessed based on the circumstances.
#2) Loans
You can finance your current emergency by getting a loan. Different types of loans are available for working women, such as personal and payday loans. Personal loans provide individuals with a lump sum of money, which is repaid over a fixed period with interest. You can take out a personal loan for any reason without justifying where you spend it.
Personal loans provide quick access to funds and address urgent financial needs. The fixed monthly payment makes budgeting more manageable. However, personal loans are not readily available: you must wait a few days after applying for the bank to process your application and release the funds.
Payday loans like those from My Canada Payday are an alternative if you want quick cash and have bad credit, as they don’t require a credit check. However, they usually have a high-interest rate and a short repayment term – you must pay them back by the next payday. This increases the risk of scams, so ensure your lender is trustworthy.
#3) Side Hustles and Freelancing
Freelancing is a great way for struggling women to make more money. There are different skills and hobbies you can monetize, from content writing to graphic designing. You can also set up a side hustle to bring in extra cash.
Women can explore selling handmade crafts and vintage items. Starting an online boutique on platforms like Etsy or Shopify is also a good idea. Doing so requires flexible working hours and can bring in significant extra income. You can offer online tutoring or coaching services through Zoom to facilitate virtual tutoring sessions.
Endnote
Young women professionals face several challenges. Due to the gender wage gap, they reportedly get paid less than men and have fewer savings, making it difficult to get through an emergency with their funds. Luckily, there are different ways for women to fund emergencies.
Several governmental financial assistance programs cater to working women, and they can raise money through a side hustle or freelancing in their free time. Personal and payday loans can also help them get through financially difficult times, but ensure that you don’t fall into a debt trap by choosing a reputable lender.
