Prepare for the unexpected
One of the first lessons that most of us learn about money is “Prepare for the unexpected” In fact, most financial advisors suggest keeping three to six months of income in a 'rainy day' account. While preparing for the unexpected is certainly good advice, it’s worth looking at how we do this to ensure we’re making the best use of our money.
Many of us choose to set aside money in a savings account. But what if we also have debt? We almost always pay more interest on our debt than we earn on our savings. Wouldn’t our money work harder if we used our savings to reduce our debt?
We’re often reluctant to do this because we don’t want to lose access to that money. So we’re forced to choose - pay down our debt or prepare for the unexpected. With Manulife One, you don’t need to choose.
Manulife One allows you to combine your debt and savings into an efficient all-in-one account. Your savings work to reduce your debt, saving you interest. Then, if a need arises, you can always access that money again, up to your borrowing limit.
You shouldn’t have to choose between paying down your debt and preparing for the unexpected. With Manulife One, you can do both.