506x506_week_4a-eAvoid 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.

6 steps to save up for emergencies:

  1. Start with a realistic amount.
  2. Make it a weekly habit.
  3. Cut an expense and save the $.
  4. Automate your savings.
  5. Check your progress regularly.
  6. Increase your weekly savings.

Managing Money and Debt Wisely: It Pays to Know!

Find useful tools and resources at Canada.ca/Financial-Literacy-Month.