Tag Archives: emergency fund

Creating a GIC money mill in my Emergency Fund


I’ve developed a somewhat bizarre, somewhat creative, I think effective savings strategy for my Emergency Fund. When I finally managed to find a summer MBA internship, the full-time income let me catch up on my finances. Combined with income from freelance writing and this blog, I started to inch ever closer to the income I enjoyed before returning to school to pursue my MBA. When the summer ended, my employer extended my contract for another month, and now as September closes, it’s been renewed again for October (I’ve asked not to continue past October though, so this gravy train is slowing down… but only so another one can get on its tracks, more on that later). One of the first things I did with the extra cash was dump it into my TFSA, where I normally keep my emergency fund. Once the balanced tipped over $5,000 (my goal for this […]

Stop being jealous, start getting results: the $10,000 Emergency Fund


One of my favorite personal finance bloggers and BFFs offline is Mikhaila from A Fistful O’ Dollars. I really adore Mikhaila because she is smart, into fashion and frequently responds to my text messages with hilarious GIFs. But one of the things I admire most about Mikhaila is that she’s saved up a… $10,000 Emergency Fund. So awesome! Needless to say, I’m a tad jealous of that awesome financial security. I wish I had a $10,000 emergency fund! That about would be about 6 months of essential living expenses for me, and just seeing such a big beautiful round number of dollars would give me a daily dose of happiness and security. Alas, how was I ever going to accumulate that much in my Emergency Fund? I struggle to keep it at $3,000! I guess I’ll just be jealous of Mikhaila forever. ….or I could just figure out a plan […]

Why your emergency fund needs to be smaller — and larger — than you think


I love having an emergency fund. While I hate ever needing to use it, it has gotten me out of an unexpected financial bind on more than one occasion. An emergency fund is there to cover blips when things don’t go as planned: car repairs, emergency dental or medical bills, etc. It can also function to tide you over and pay your regular bills for months if you find yourself unable to work or terminated from your job. It is NOT to cover the times you accidentally spend $400 at the mall and an emergency fund is NOT a credit card or line of credit. There’s a lot of articles online musing about how big or small your emergency fund should be, and which one I agree with usually depends what money-mood I’m in. The reasons you may be able to get by with a small emergency fund are: You […]