An emergency fund is a fund that you will use only during dire circumstances. If there is a situation in your life that is considered an emergency, you can use that fund. Some examples are when you need to get repairs for your home because of accidents, flooding, or fire. You can also dip into your emergency fund if you need emergency repairs for your vehicle.
Never use your emergency fund for shopping or unnecessary purchases. You can also use your emergency fund for your daily expenses and debts if you suddenly lost your job.
Aim to have an emergency fund that is equivalent to 6 months’ worth of your salary. For instance, if you earn $2000/month, you should have at least $12,000 in your emergency fund.
To
build your emergency fund, start doing some financial
planning in Vancouver.
Find out how much money you are getting. This will give you a better
perspective when it comes to how much money you can set aside for
your emergency fund.
Get a separate account for your emergency fund. Make sure you automatically allot a portion of your income and that it goes straight to this account. That way, you pay your emergency fund first before spending.
You can also try earning more by taking up side jobs. If you want to build your emergency fund faster, you can try taking on extra work to earn more money.
Financial planning in Vancouver is key to making it work. If you need help in financial planning, you can always go to Chalten Fee-Only Advisors LTD.
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