Having extra money cannot hurt. Unplanned things happen and a simple case of crisis can really destroy someone’s life if there isn’t an emergency fund available on any day.

If you are struggling to pay your bills or not having enough to cover your expenses, you should really think about having an emergency fund. Moreover, financial experts suggest having a fund of at least three to six months of living expenses. It’s not only desirable – it’s mandatory.

Getting That Extra Money

No matter where you might be based, or wherever you move, you should be able to have access to an emergency money source – for example, if you are based in Canada and you need extra money, you should contract an online loan in Canada – this way you can move around (or live) stress-free, without worrying what to do about money when an emergency hits. Let’s be honest – an emergency always happens.

Yet, there are some things to consider when you need emergency money, and here is what you should think of.

How To Build An Emergency Fund?

Before you start building your emergency money, you need to know how to build one. Where should you start? Can you save that much money? The simple answer is yes.

When you split big goals into smaller chunks, any goal is manageable – you just need to create a plan. Here is what you should keep your mind on.


Take a look at your monthly budget and determine how much you can save. You might have to change your lifestyle a bit and cut on some expenses.

Don’t fall into a trap thinking that there is nothing to cut – there is always something that forces you to spend more than you actually need. Determine how much you can save and pay yourself first by automating your savings.


Manage your money and automate your savings! Automation is a powerful tool that can help you keep your finances in order.

You may want to spend your money on something else, but by making payment to yourself, you will be able to build an emergency fund. Pay yourself first and manage the rest.

Separate Account

You may not need a separate account at first, but if you are serious about savings you should have a separate account.

Having an emergency fund demands a separate account. It’s always easy to spend the money, but a separate account helps you keep things/money in order.

This way you will create the distance between you and your money. Simply said, with two accounts you will avoid making impulse buying that you will later regret.

Anticipate For The Future

You should also think about the right amount and irregular income flow – is there anything that can disturb your money flow? You had a debit card declined but money in account?

If so, tackle that issue and minimize it. If you need help calculating how much you can save, or how much you should earn to save comfortably, think about one-time hiring an accountant or financial advisor to help you clear things up.

About the author

Did I scare you?