What are the most important financial recommendations in Canada?
Always have 3 to 6 months of monthly expenses available.
This amount is considered for unforeseen cases. Such as expenses caused by the breakdown of a car or the main household appliances, loss of job, serious illness and inability to work for a temporary period...
If the family has not anticipated such expenses, they will be forced to borrow money with high interest, or will be under credit card debt. To avoid these problems, consider a separate account for this purpose. This account should be such that you don't pay a penalty for withdrawing money.
You can even benefit from this savings.
Please contact us for a free consultation and more information.
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