Building Your First Emergency Fund

Step-by-step guide

1. 1

   Set a realistic goal

   Start with $500-$1000 as your first milestone. This covers most small emergencies like car repairs or urgent travel.

2. 2

   Open a separate savings account

   Keep your emergency fund separate from daily spending. Look for a high-interest savings account with no fees.

3. 3

   Automate small deposits

   Set up automatic transfers of $20-$50 per paycheque. Even small amounts add up quickly over time.

4. 4

   Only use for real emergencies

   Medical bills, job loss, urgent repairs. Not for sales, trips, or regular expenses. Rebuild immediately after use.