Mortgage Intelligence

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Do you have an emergency fund?

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emergency fund 1

Image by courtesy of darrowwealthmanagement.com

We all have emergencies at the most unexpected or at an inconvenient times in our lives – a family member falling sick, car breakdown or a sudden home repair. Many do not anticipate these emergencies and therefore don’t save for a so called “rainy day.” Instead end up having to depend on a payday loan  or line of credit to cover these unexpected expenses.

A survey carried out for Bank of Montreal has revealed that only 24 per cent of Canadians have put a side cash for emergencies, while approximately 56 per cent have savings of less than $10,000 for emergencies.

Those surveyed have also pointed out that expenses relating to medical treatment, car repairs, home repairs and sudden job loss, were considered as their emergencies.

emergency fund

Image by courtesy of fivecentnickel.com

Here’s how you can get started on your emergency fund:

  • Set yourself an achievable target and make sure you set aside a small amount from every paycheck.
  • Selling off things that you don’t have a need for anymore.
  • Get yourself a second job and use the extra cash towards the emergency fund.

 

 

An article published by Mortgage Broker News.ca highlights the importance of maintaining an emergency fund.

If you need assistance with financial planning, contact the team at MiMortgage.ca now to speak to expert and get started on your emergency fund!

 

 

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Author: mimortgage.ca

David Hetti is a full time Mortgage Broker with Mortgage Intelligence (FSCO Lic MO8002434) David is the Director of Operations at Mortgage Intelligence Oshawa and heads a team of full time licensed Mortgage Agents serving all of Ontario. David is also a licensed Insurance Consultant.

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