This final of four columns is sponsored by Mason Financial. Contact them to book your free budget consult.
Avoid financial stress: save up for emergencies
You need an emergency fund! Unexpected situations happen. Be prepared, start saving today!
Your goal: save enough money to cover 3-6 months of living expenses. That seems like a lot, so start small and build up.
Many Canadians are unprepared for unexpected expenses:
- 57% of Canadians said they would use savings to pay for an unexpected expense of $500.*
- 31% would use savings to pay for an unexpected expense of $5,000.*
By using your savings in case of emergency, you won’t have to resort to expensive credit options.
Six steps to save up for emergencies:
- Start with a realistic amount.
- Make it a weekly habit.
- Cut an expense and save the $.
- Automate your savings.
- Check your progress regularly.
- Increase your weekly savings.
Managing Money and Debt Wisely: It Pays to Know!
Find helpful tools and resources at Canada.ca/Financial-Literacy-Month.
- Four in ten millennials own their own home: HSBC study
- Financial Literacy: Have a savings plan
- Financial Literacy: Know your rights
- Financial Literacy: Live within your means
- Financial Literacy: Start with a budget
- November is Financial Literacy Month
- It’s that time of year: RRSPs versus TFSAs