Rainy days are inevitable, that's why we have umbrellas. So, why don't more of us have a financial umbrella, a "rainy day fund", for when the storms hit our lives?
According to a 2016 study by BMO, only 51% of Canadians have at least $10,000 set aside for emergencies, and of those people, 68% are regularly dipping into that fund for things that aren't emergencies!
Do yourself a favour and protect yourself with a fully-funded emergency fund - that's 3-6 months of expenses. And, DO NOT TOUCH it, unless it's a real emergency.
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