Not sure how to make a savings plan? Read on…
At this time of year, it seems like the financial world is awash with information on what is a Registered Retirement Savings Plan (RRSP), the benefits of having one, and how to start one. But there are still a few planning points that Canadians either aren’t aware of or don’t know how to fully .... More »
If 2019 is the year you promised to stop your bad spending habits in their tracks and ensure your savings go untouched, then maybe the old proverb “failing to plan is planning to fail” hits home for you. But what about the things that don’t make it into the plan? You know, those expenses that just pop up and need to be taken care of immediately?
It’s not uncommon to walk up to your car and find a parking ticket perched upon your windshield, or for your hot water tank to break down suddenly in the middle of winter, or to find yourself frantically looking for flights to visit a sick family member.
But since you don’t usually account for parking tickets in your monthly budget, what’s the plan? These things happen all the time, so it’s also time to expect the unexpected – big or small – and make an emergency savings fund.
What is an emergency savings fund?
An emergency savings fund protects your regular savings account from those unexpected costs like a parking ticket, an overnight visit to the vet, death/illness in the family, or even prolonged unemployment…