Think of emergency funds as pre-planned spending to better prepare: Advisor
BNN Bloomberg
Emergency funds can provide some peace of mind for those handling obstacles big and small that come up in life. They also ensure that you can maintain any progress you're making on financial goals, even if that's just making ends meet and getting paid on time, said Alyssa Davies, author of the new book Financial First Aid: Essential Tools for Confident, Secure Money Management, who lives in Calgary.
The evacuation was traumatizing and stressful, and the events left 36-year-old Booth thinking about what if a natural disaster, or another huge emergency, happened again. She started building a six-month emergency fund as a result.
“The truth is, I haven't felt completely secure or certain since then, but building an emergency fund of my own, independent of external programs and services, gave me a bit of that security back. I can breathe a little easier knowing that if the rug is pulled out from under us again, we'd have a way to make it through.”
Emergency funds can provide some peace of mind for those handling obstacles big and small that come up in life. They also ensure that you can maintain any progress you’re making on financial goals, even if that’s just making ends meet and getting paid on time, said Alyssa Davies, author of the new book Financial First Aid: Essential Tools for Confident, Secure Money Management, who lives in Calgary.
