Emergency Fund
Some ideas to guide, navigate and support the accumulation of wealth.
Last updated: Sat 29-Aug-2026 afternoon
Why?
- Life is unpredictable
- Job loss or other significant factors could impact your financials
- Having an emergency fund to protect yourself is essential
How?
- Determine your one-month expenses
- Save money to cover one months of expenses
- Then three months
- Then six months
- To create your Emergency Fund you may need to allocate a portion of your paycheque each time to build up your account until you have what you need.
Where?
- This money should be cash, not an investment
- Saved in a high interest savings account
- Or in a TFSA (as cash) to avoid paying taxes, if you have the room
More Information
- Canada.ca: Setting up an emergency fund
- MoneySense.ca: What is an emergency fund and how to build one
- Ratehub.ca: What is an emergency fund and why it’s important
Appendix
Version History
| Date | Notes | |
|---|---|---|
| 01 | Sat 29-Aug-2026 | Initial version factored out from top level |