To wrap up our spotlight on Financial Literacy Month for November, we’re keeping our focus on prevention as we look at the necessity of emergency savings. An emergency savings fund is put in place so that no matter the unexpected situation, you can be prepared. Ideally, this means saving enough money to cover three to six months of living expenses, including:
- Mortgage Payments
- Insurance Payments (Auto, Home, Personal)
- Bill Payments (Hydro, Cellphone, etc.)
- Daily Necessities (Groceries, Gas, etc.)
According to the Financial Consumer Agency of Canada, 57% of Canadians said they would use savings to pay for an unexpected expense of $500.00, while 31% of Canadians would use savings to pay for an unexpected expense of $5,000.00. These statistics show that as Canadians, we’re not always prepared for the expensive emergencies life throws at us. So how can we prevent being caught in a tough situation?
- Start with a realistic savings goal
- Automate your savings
- Check your progress, and take pride in your success!
Preparing to sell/Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for an unexpected emergency? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.