Category Archives: Emergency Fund

Emergency Fund: Everything You Need to Know About It

Emergency Fund: Everything You Need to Know About It

As I shared with you on Friday, I recently got a new job. While it is definitely a good thing that I accepted this new position, it did come with its own challenges. Getting a new job is usually a sign of financial relief, but my situation was quite different. As many of you know, I currently commute to work via train (even through the coldest of weather). Since this new position is not on the train line, I was forced to buy a new car. Well, used car, but new to us. I don’t know about you, but my wife and I don’t make this much more than our regular expenses. This meant I had to turn to our decently-sized emergency fund. Continue Reading

Why do People Get in Debt? How to Get Out of it

Why do People Get in Debt? How to Get Out of it

Young adults have their entire future ahead of them. Unfortunately, this means that many of them take advantage of the time instead of doing everything they can to get ahead. Many of my friends talk about debt as if it were just another fact of life. I can’t help but wonder if we are desensitizing ourselves to the negative aspects of it. This may seem like an obvious question, but if the answer is so clear, why are so many people still struggling with their finances? Continue Reading

Emergency Expenses – How Young Adults Can Expect the Unexpected

Emergency Expenses – How Young Adults Can Expect the Unexpected

Today, it seems like everywhere you turn financial advisers and mentors are instructing people to have an emergency fund. While young adults may struggle with saving money, I believe that my generation is going to succeed in this area because of certain advantages that they have. Despite my (perhaps illogical) confidence in people just starting out, it still is something important to cover. The simple fact is that emergencies do happen. If you are younger, you may think you are invincible or have a lot of time to think about certain things, but nothing is guaranteed. Ever heard the saying, “The best defence is the best offense”? Well, the same is true in finances. Continue Reading