The Emergency Fund

Hello long-lost friends! I am back after a couple of weeks of studying, exams, and wedding travel. And since my last two weeks have been somewhat chaotic, it seems like a good time to talk about how to keep your financial sanity during times of surprise expenses.

The issue of emergency funds among personal finance bloggers tends to be a bit divided – with some of the opinion that emergency funds are crucial and others writing that they are not necessary at all. While there are compelling arguments for both sides, I must admit that I am in the first camp – for me, an emergency fund is a must-have.

The good news about emergency funds in Canada is that Canadians have an average of $41,694 in emergency savings. That’s awesome.

The not-so-good news is that a quarter of Canadians don’t have anything set aside for emergencies at all. And of those who do, almost half have less than $5000 saved. Not awesome. (source)

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Why You Should Be Prepared to Lose (or Leave) Your Job

One of my fundamental beliefs in life is that everyone should be prepared to lose or leave their job at any given time. That sounds like a giant bummer, I know, but hear me out.

A few years ago, I was working in HR for a private sector company in the manufacturing industry that relied on large scale orders, primarily from foreign governments. By 2012, the work on pre-recession orders was coming to an end, and new ones hadn’t come in. It was simple and undramatic, and that was how I got laid off from my first “grown up” job out of university.

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