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    Building an Emergency Fund

    Why Your Emergency Fund Matters

    Life is full of surprises. Some are joyful, while others such as a job loss, a burst pipe, or an urgent car repair – can cause financial stress. An emergency fund is a simple and effective way to prepare for the unexpected, so you can focus on what matters most without worrying about how you’ll manage the curveballs life throws your way.

    Take the first step towards setting up a financial safety net. Meet with a member of our Wealth and Investment team for strategies to start building your rainy day fund today.


       Book an appointment to get started

    How Much Should You Save?

    A good rule of thumb is to set aside three to six months’ worth of essential living expenses (consider things like housing, groceries, transportation, and utilities). The right amount depends on your household and comfort level; however, even starting small can make a difference.

    Start with a goal of $1,000 and build from there. Every deposit adds up.

    Set Up Automatic Savings

    The easiest way to build your emergency fund is to automate your savings. By setting up regular transfers, you’ll steadily grow your fund without having to think about it.

    The best approach is to have a separate savings account specifically for emergency funds, so your other savings goals are not impacted should an emergency arise.

    Use our interactive calculators to how your savings can add up.

    Tax Savings Potential

    Depending on the type of account you choose, your emergency savings could also come with tax advantages. For example, by choosing a Tax-Free Savings Account (TFSA), your money will grow tax free, and you can withdraw it anytime without penalty.

    Kindred's Wealth and Investment team can help you choose the right options for your financial peace of mind.


    Start building your emergency fund today!

    You don’t need to wait for the “perfect time” to start an Emergency Fund. Even small savings add up. Make regular contributions and watch your savings grow! Your future self will thank you.

    Check out these helpful saving and investing insights from Kindred's Wealth and Investment Team

     

    15 Simple Ways to Save $5,000

    Small changes in spending habits add up to big impact over time.

    Building Your Family Budget

    Here are a few things that many families miss when planning their household budget.

    Financial First Steps

    Practical steps to help you build confidence in your finances after graduation.



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