Do you have an emergency fund?

[Debashis]

Yes, my savings account is all about emergency funds. I end up saving about 40-50% of my monthly income as a contribution towards my emergency fund. I believe everyone should have emergency funds because life can take a toll any time. Even if the amount is less, one must try to save for the future. We must always be prepared for the worst!

 

[Katrina]

Yes, my savings account is all about emergency funds. I end up saving about 40-50% of my monthly income as a contribution towards my emergency fund. I believe everyone should have emergency funds because life can take a toll any time. Even if the amount is less, one must try to save for the future. We must always be prepared for the worst!

That's a huge chunk of income to set aside! Good going! 🙂 Are you a double income family to do that?

 

[Debashis]

That's a huge chunk of income to set aside! Good going! 🙂 Are you a double income family to do that?

No. I am staying alone. I'm not married either. So, it is all me right now. 😛
I'm planning to get married next year so I probably won't be able to save that much then.

 

[Dismal_Bliss]

No. I am staying alone. I'm not married either. So, it is all me right now. 😛

I'm married with two children. If I was single, I would be very rich, lol.

I had an emergency fund. It took a big hit this year though as I broke my ankle in May and took almost 2 months off work. It's gonna take a long time to rebuild it.

 

[Debashis]

I'm married with two children. If I was single, I would be very rich, lol.

I had an emergency fund. It took a big hit this year though as I broke my ankle in May and took almost 2 months off work. It's gonna take a long time to rebuild it.

True lol. 😀

Sorry to hear that. Try investing a small amount every month in some mutual fund or something. At least the money will keep growing with time.

 

[CodyCool]

Yes I do, I always put some money away in case there is an emergency and I need money.

 

[Uncrowned Guard]

I always try to have a savings and some sort of emergency money on hand. However over the years it seems like the amount of money set aside is always getting smaller and the things that I can do with that money is always becoming less.

Just a little bit of a tip, one thing you can do if you're terrible at saving is invest in stocks with your emergency money. Actually utilizing the money for something will prevent you from spending it and its not like you can go to Amazon and impulse buy a computer with your shares of Apple. So it does protect the money a little bit and as long as you stick with more developed and safer stock options, it's really not that worse than being in a bank account. However should you need the money you can always just sell off and withdraw the money within a few days. Not it's effective as a true emergency fund, but I know many people struggle with having money just sitting openly in an account.

 

[Jason76]

I'm too much held down in helping family. I don't have any savings or way to get out of debt. Next, year if I can get my driver's license back, I might be able to dig myself out.

 

[Nomad]

I do. But sadly it gets depleted frequently and it gets harder and harder to fill it up again.

 

[Allenafaith]

I’ve tried to start one. We are currently unable to save. We’re living paycheck to paycheck and it only seems to be getting worse. I did get like an indestructible money box that you have to smash with a hammer or something….planning on throwing some twenty dollar bills in there occasionally.

 

[Page]

Does getting a loan, clear things up if you need to spend on a emergency proplem?

 

[Felly]

I have one and have only had to dip into it a couple times for a much needed home project, and I've since put money back into the account. Accruing interest on it each month also helps, but other than that, I don't really put money into it except when I get my tax refund. I have a separate account that I'm using to save money to go back to school too (that I am putting money into each week), and my plan is to put any remaining money from that into the emergency fund and maybe come up with a plan to continue to add money to it on a more regular basis.

 

[Cam]

I suppose my emergency fund would be my retirement account. I can borrow from it if need be.

 

[Baw$e]

I have money in my StockPoker account I can withdraw for emergencies. I always keep at least $200+ in my StockPoker account, so I can have a little freedom online. Other than that, no emergency funds. I did receive funding from CRA when COVID was a thing.

 

[John]

I have 6 months of savings. It sits in a HYSA through Ally. 🙂

 

[Cam]

I have 6 months of savings. It sits in a HYSA through Ally. 🙂

One of the best moves I made was moving from my crappy savings account with my local bank to a high yield savings account.

 

[Cory]

Not at the moment, but if I manage to find a full-time job again, I hope I can build an emergency fund.