Give Me Back My Five Bucks

Dear Emergency Fund: You saved my butt!

My EF is what’s saved me over the past 2.5 months. Since I clearly couldn’t have relied on the government for EI benefits, I would have been completely screwed without that $3k I had saved. It’s so incredible to me, that personal finance and saving money actually works. I’m still in awe of it all, and it’s insane that just one year ago, I had not one dollar to my name, and a whole whack of debt to get out of. And even though things didn’t exactly go my way this past year, I’m in a much more stable position now – freshly out of 2.5 months of unemployment – than I ever was with a full-time job.

It’s such a simple concept: save money. Why didn’t I get it for so many years?

When I started the EF, I honestly never thought I’d use it – I just thought it’d be a little chunk of money that just sat in a savings account for the rest of my life. Who would have thought that, as soon as I fully funded the EF, I would have had to use almost all of it up.

I haven’t checked Quicken in a few days, but as it last stands, I have about $1k left in the EF. I’ll update the sidebar sometime this week. Once I get my EI payments (provided I do actually get it), I will fully fund the EF back up to $3k, and then bump up my EF savings goal to $5k for the rest of 2008. I think that’s a realistic goal to have.

With my tax refund, I still hope to get around $4,500 back … and with that money, what I really should do is stick the entire thing back into my RRSPs. That would mean I’d only need to save another $2k all year to reach my 2008 goal of having a $22k portfolio. And provided I pass my probation at the FT job, I would also have to count my RPP plan into the mix … so when it’s all said and done, I could have a bigger portfolio at the end of 2008 than I had originally anticipated.

Author: Krystal Yee

I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.


Leave a Reply

Buy the Book!

A beginner's guide for Canadians looking to get their financial life in order. Get great info on budgeting and saving, RRSP's and pensions, investing types, insurance, and where to go for additional resources.

Recent Tweets

  • Just put the deposit down on our wedding caterer. Worth it for sure but damn.
  • Has anyone been to Mongolia before? Looking for recommendations on private tours & must sees. Thinking of 8-10 days.
  • Budgeted $1,600 for our wedding rings, but over the weekend we went to a jeweler in my hometown who said he could make them for $550. Score!

Instagram

  • Butternut squash coconut curry! Enough for dinner tonight and lunchhellip
  • RDs parents are in town for the weekend so wehellip
  • Shopping for a new lighting fixture for our dining roomhellip
  • A little late to the party but my old landlordhellip
  • Sun Nin Fai Lok! Happy New Year! Gung Hey Fathellip
  • Finally got to try eatsuperbaba and it was amazing Sohellip
  • Tired cutie! meow
  • Lazy Saturday afternoon catlife

© 2018. Give Me Back My Five Bucks. All rights reserved. Powered by WordPress & Designed by Mike Smith