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Emergencies. Sh*t. It happens. Be ready.
Rounding it up
Set up a slush fund so you have some cash to buffer unanticipated spikes in spending, whether it’s an emergency or an event.
How much you should put into your fund depends on your income, what you’ll count as an “emergency” expense, and whether you have a financial backup plan.
If you’re working towards paying off debt, set up a smaller slush fund.
Put your slush fund into a high-interest savings account, so your financial cushion can grow over time.
Silvi Woods
Silvi Woods is a financial planner at Wealthsimple and holds her CFA and CFP designations. Prior to Wealthsimple, she worked as an Investment Analyst for one of Canada’s largest equity mutual funds and as a Financial Planner at KOHO.
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