No matter how carefully we plan, there’s no guarantee life will unfold the way we expect. Job loss, illness, loss of a spouse or partner — some things are simply beyond our control.
Be prepared for the unexpected by creating a separate fund for emergencies.
Here are three guidelines you can follow to set up your own emergency fund:
Now, how do you set aside enough to build an emergency fund? Scotiabank’s Automatic Savings Plan (ASP) can help. The ASP automatically makes payments to your Savings Account at set intervals, typically the same day you receive your paycheque, so you don’t even notice the money’s gone.
We can help set up your ASP and calculate how much you should put aside, so that you can start building your rainy day fund sooner rather than later. Contact us, we’d be glad to help.