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Another year has come and gone. For some, it\u2019s been magical, and for others, a little less so. The new year is a time for retrospection, to look back at what\u2019s happened, evaluate where we are, and make preparations for the coming year.<\/p>\n
Let us offer you one piece of advice – a few simple steps can give you a whole lot of peace of mind when it comes to securing your financial future. Make 2019 the year that you prepare for unforeseen financial challenges with an emergency fund. The security you\u2019ll feel when you know you\u2019ve protected yourself from an urgent home or car repair, a \u201cblip\u201d in your employment, or any one of a million other unforeseen circumstances is one of the best goals to attain.<\/p>\n
How Much is Enough?<\/strong> <\/p>\n What if You Don\u2019t Have Extra Money?<\/strong> Leave it Alone<\/strong> Happy New Year from Creditaid! We\u2019ve been helping Manitobans with their finances since 1992. Trust us, we\u2019ve seen firsthand how useful an emergency fund can be. If you make and keep one resolution for 2019, take some steps toward building a solid emergency fund. It will make retrospection feel better next New Year\u2019s, and it help keep you and your loved ones safe and happy in the event of a financial crisis.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":" Another year has come and gone. For some, it\u2019s been magical, and for others, a little less so. The new year is a time for retrospection, to look back at what\u2019s happened, evaluate where we are, and make preparations for the coming year. Let us offer you one piece of advice – a few … <\/p>\n
\nThe amount of money you need in your emergency fund is really up to you. We\u2019d say, the more the better, but in the end you\u2019ll have to make your own decisions. How much will get you over a rough patch – a month\u2019s salary? Six month\u2019s salary? A thousand dollars? Ten thousand dollars? It\u2019s unpleasant to imagine all of the bad things that can happen to your finances, but it\u2019s important to determine a worst-case scenario to help you set a savings goal.<\/p>\n
\nThere\u2019s really no such thing as \u201cextra\u201d money. But an emergency fund is important, so try to prioritize it. You don\u2019t have to put the whole amount away right now, but the key is consistency. Keep your emergency funds in an account where they will earn some interest, but don\u2019t tie them up in term deposits. Until your fund is mature, you\u2019ll want to keep it liquid, so you can access it quickly. Automate deposits, as much as you can afford, every payday. And when you do come into some money by surprise, make sure you put some in the fund. Every little bit helps. Even a few hundred dollars can help keep you out of financial trouble.<\/p>\n
\nIf you have to ask yourself \u201cIs this really an emergency?\u201d before dipping into your fund, chances are it is not. A birthday you didn\u2019t plan for, or a sudden invitation to a friend\u2019s cottage are important, but not worth depleting your true emergency fund, which is designed for big bads, like transmission failure in your car, or worst of all, a surprise lay-off or other job loss. A little discipline now can lead to a big sigh of relief later.<\/p>\n