Emergency Funds - Lost your job? Unemployed? Emergency funds - Canada

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RE: Lost your job? Unemployed? Emergency funds

Postby FortMac » Sun Aug 21, 2011 06:23:26 AM

Being in the construction industry, my income is really sporadic...

I find that if I save up emergency funds, I will use them up as soon as I get laid off, which is quite regularly.

Maybe I just need to find a more stable job. I do like the concept though. Having emergency funds would save me alot of headache..

I like this discussion area.. it's refreshing to talk about money things
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RE: Lost your job? Unemployed? Emergency funds

Postby AlysaLee » Thu Aug 11, 2011 01:25:03 AM

Here are some real-life emergencies that have happened recently to people I know:
* A client’s two children were in a horrible accident Monday night. One died and the other is in intensive care.
* My little brother decided to pack up and move across the state to start a new job.
* A friend’s garage door collapsed.

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RE: Lost your job? Unemployed? Emergency funds

Postby bobzeenie » Tue May 31, 2011 03:51:50 AM

People need to save emergency funds.. this is essential in a household.
This is part of the structure of a household yet so few people do it.

You need to have at least 2-3 months of cash savings in place. This needs to be in an easy access bank account where you can get your money out right away.. IE.. don't put your emergency savings in a long term savings account. I've made this mistake and been caught paying huge penalties to get my money out.

I've had the refrigerator stop working, my wife's sudden health problems have required emergency spending, and I was glad to have the money in place. I didn't blink an eye when I had to take the money out of my account... And ... I didn't have to stay up all night worrying about how to pay for these things.. isn't that worth a little peace of mind?
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RE: Lost your job? Unemployed? Emergency funds

Postby ISaveMoney » Fri Dec 31, 2010 07:51:16 AM

arenti.. you're promoting a stock investing program and you're unable to save up a months worth of emergency funds? i think you're a scam then

i wouldn't buy your product if you paid me
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RE: Lost your job? Unemployed? Emergency funds

Postby Ashley Watson » Tue Aug 31, 2010 05:55:28 AM

For the emergency funds you must save , you do not have any job so it might create problem for you.
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RE: Lost your job? Unemployed? Emergency funds

Postby montyloree » Tue Mar 17, 2009 02:21:33 PM

Interesting...

It's pretty boring and not fun to save up a six month emergency fund.

Lately, I've had to save up some money. I cut my expenses to the bone, and saved up the money.. It took 6 months of cutting costs, not doing the fun things that I would have liked.

It's certainly not instant gratification.

The six month cash reserve is alot of more satisfying when you actually need it. If you get laid off from a job, you say to your self... boy am I glad I saved up this money.!!
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RE: Lost your job? Unemployed? Emergency funds

Postby RichardC » Tue Mar 17, 2009 01:16:07 PM

Money = options, without money saved up you have limited options.

I had to rely on my emergency savings account at one point for 3 months. A 6 month emergency fund is a good idea, unfortunately, not enough people save up money for a rainy day.
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Lost your job? Unemployed? Emergency funds

Postby montyloree » Tue Mar 17, 2009 01:05:39 PM

This is prime time to talk about emergency funds. With all of the lay offs going on I am hoping that there are families who took the time to build a 6 months cash reserve to fall back on.

With all of the layoffs going on.. what is the first thing people are going to ask themselves? "how are we going to pay for our expenses over the next while, until we can find new jobs"?

I would be excited to hear from people who were saved by their emergency reserves. This would be a great example for others to read about.
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