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Build an Emergency Fund: What Should I do?

The first step to achieving financial security and stability is to start saving for emergencies. It offers a safety net for unforeseen costs and eases stress during tough financial times. The cost of living in Canada can be high, so it is important to be ready for unforeseen events like job loss, unexpected medical expenses, or unexpected house repairs. In this article, we will look at the fundamentals of creating an emergency fund and how to get started.

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What is an Emergency Fund?

A savings account designated for unanticipated needs is an emergency fund. The goal is to accumulate enough cash to pay your essential living costs for a predetermined amount of time, typically three to six months. This fund should only be utilized in an emergency; it should not be used for regular costs or irrational purchases.

Why do I require an emergency fund?

Because of the unpredictability of life, emergencies might arise at any time. You can weather these financial storms with the aid of an emergency fund rather than using credit cards, borrowing money, or depleting your long-term savings. Additionally, it might ease mental and financial strain.

How much should I put aside for an emergency fund?

Three to six months’ worth of living expenses should be set aside in your emergency fund as a general guideline. This sum may change depending on your particular situation. You might simply need three months’ worth of living expenses put up, for instance, if you have high-paying work and no dependents. However, you might need to strive for six months’ worth of living expenses if you have dependents or low-paying work.

Start by determining your monthly expenses, which should include your rent or mortgage payment, utilities, travel, food, and any other required expenditures. Your target savings amount will be determined by multiplying this amount by the number of months you desire to have saved.

Where should my emergency savings be kept?

Keep your emergency fund in a high-yield savings account or a regular savings account. In an emergency, these accounts provide low-risk, convenient access to your money. These accounts are available at the majority of Canadian banks and credit unions.

How can I start an emergency fund?

The financial stability and peace of mind that come with having an emergency fund are worth the time and work it takes to build one. You can take the following actions to increase your emergency fund:

  • Establish a goal: Choose the amount you want to have in your emergency fund and a deadline for achieving it.
  • Make a budget: Knowing your monthly spending will enable you to calculate the amount you must set aside each month. Make a budget using this information so that you may set aside a monthly sum from your salary for your emergency fund.
  • Automate your savings: To develop the habit of saving, set up automatic transfers from your checking account to your emergency fund account. This will also make sure that even if you forget, you are saving money each month.
  • Reduce unnecessary expenses: Look for places where you may cut back on spending to free up more money for your emergency fund. This can entail cutting back on eating out, cutting your cable bill, or shopping during bargains.
  • Increase your income: Think about ways to do this, such as getting a side job or selling things you no longer need.
  • Refrain from using your emergency money: Try to keep your emergency fund just for true emergencies. It will be more difficult to rebuild if non-emergency costs are paid with it.
  • Review and modify your plan as necessary: Both life and your financial condition are subject to change. To make sure you are on pace to meet your goal, periodically examine your emergency fund and make any necessary adjustments to your savings strategy.


What factors should I consider while selecting an emergency fund account?

Keep the following things in mind while selecting an emergency fund account:

  • Interest rate: Seek out an account with a high-interest rate so that your money can increase more quickly.
  • Accessibility: Ensure that you can quickly access your money in the event of an emergency.
  • Fees: Avoid accounts with excessive fees since they will cut into the amount you have set up for emergencies.
  • Convenience: Take into account the account’s convenience features, such as smartphone access, automatic transfers, and online banking.


Creating an emergency fund is a critical step toward financial stability and security. It offers a safety net for unforeseen costs and eases stress during tough financial times. You may develop a reliable emergency fund that will serve you well in times of need by defining a goal, making a budget, automating your savings, cutting down on unnecessary costs, boosting your income, and selecting an appropriate emergency fund account.


Build Your Emergency Fund Right Away!

Avoid feeling helpless and stressed out because of unexpected financial difficulties. Use the advice in this article to take charge of your finances right now by creating a reliable emergency fund. Contact National Debt Relief for a free debt consultation if you need help managing your debt. You can achieve financial stability and security if you have the necessary resources and assistance. Act right away to regain financial control and save your future.

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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.


This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
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Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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