{"id":97112,"date":"2026-03-11T13:27:12","date_gmt":"2026-03-11T17:27:12","guid":{"rendered":""},"modified":"2026-04-21T10:17:50","modified_gmt":"2026-04-21T14:17:50","slug":"emergency-fund-guide","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/unexpected-events\/money-in-an-emergency\/emergency-fund-guide\/","title":{"rendered":"Your Complete Emergency Fund Guide"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>An emergency fund is a financial cushion that can help you get through tough times, such as losing your job.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Having an emergency fund can help you avoid debt, reduce stress and preserve your long-term savings.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your emergency fund should contain enough money to cover three to nine months\u2019 worth of living expenses, depending on your personal situation.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your emergency fund should contain enough money to cover three to nine months\u2019 worth of living expenses, depending on your personal situation.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>You\u2019ve got a budget, and you stick to it. But have you ever thought about how you\u2019d cover expenses in a crisis, such as a job loss, illness or major home repair? That\u2019s where an emergency fund comes in. It\u2019s money you set aside to help you weather life\u2019s storms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-an-emergency-fund\">What is an emergency fund?<\/h2>\n\n\n\n<p>An emergency fund is money you set aside to help with unexpected life events or large expenses, such as job loss, prolonged illness, major auto repairs or unplanned home renovations, like replacing a roof damaged by a storm. These savings are separate from planned spending and \u201cfun\u201d things like vacations or a new car. Those expenses should be covered by your regular budget.<\/p>\n\n\n\n<p>An emergency fund is an important part of your financial plan because, in a crisis, it can help you:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Avoid debt:<\/strong> When you\u2019re strapped for cash, it may feel easy to cover costs with a <a href=\"https:\/\/www.rbcroyalbank.com\/credit-cards\/index.html\" data-dig-id=\"LP-97112-9320b9c2\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"credit card\" class=\"rbc-link-format\">credit card<\/a>. But if you can\u2019t pay off the balance right away, the debt could continue to grow due to interest charges. Having an emergency fund ready may help you avoid the extra costs of carrying long-term debt.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reduce stress:<\/strong> Research shows that <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/financial-wellness-work\/stress-impacts.html\" data-dig-id=\"LP-97112-1c6bfd7f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"about half of Canadians lose sleep over money\" class=\"rbc-link-format\">about half of Canadians lose sleep over money<\/a>. Having an emergency fund in place can offer peace of mind and help protect you from financial hardship.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Protect your savings:<\/strong> When faced with emergency expenses, some people dip into retirement savings or kids\u2019 education funds. This can jeopardize future plans. An emergency fund can help preserve your savings, so you can continue working towards your life goals.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-to-use-your-emergency-fund\">When to use your emergency fund<\/h2>\n\n\n\n<p>Losing your job and being unable to make rent is a worst-case scenario, but lesser unexpected costs might also pop up from time to time. These expenses fall under the umbrella of a rainy-day fund. Both are important for your financial strategy.<\/p>\n\n\n\n<p>Here\u2019s the difference between the two.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-layout-constrained wp-block-group-is-layout-constrained\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong><strong>Rainy-day fund<\/strong><\/strong><\/td><td><strong>Emergency fund<\/strong><\/td><\/tr><tr><td>Costs: $500-$2,000<br>Minor car repairs<br>Small vet bills<br>Small home repairs<\/td><td>Costs: 3-9 months of living expenses<br>Job loss<br>Prolonged illness and injury<br>Major home and car repairs<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default default\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"898\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_1.jpg?quality=80&amp;w=898\" alt=\"RBC infographic comparing rainy-day fund and emergency fund, showing recommended savings amounts and expense types for each\" class=\"wp-image-97148\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_1.jpg 1667w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_1.jpg?resize=263,300 263w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_1.jpg?resize=768,875 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_1.jpg?resize=898,1024 898w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_1.jpg?resize=1348,1536 1348w\" sizes=\"auto, (max-width: 898px) 100vw, 898px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-should-you-save-use-the-3-6-9-emergency-fund-rule\">How much should you save? Use the 3-6-9 emergency fund rule<\/h2>\n\n\n\n<p>The exact amount you should save will depend on your personal situation. The general recommendation is that an emergency fund should cover three to nine months\u2019 worth of expenses. Start by considering how long it might take you to earn income again after a job loss. Here\u2019s a suggestion for what you might save, based on different needs and lifestyles.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-layout-constrained wp-block-group-is-layout-constrained\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><\/td><td><\/td><\/tr><tr><td><strong>3 months of expenses<\/strong><\/td><td>Dual-income households<br>Renters<br>People with stable employment<br>Smaller financial obligations<\/td><\/tr><tr><td><strong>6 months of expenses<\/strong><\/td><td>Homeowners<br>Single-income households<br>Families with kids<br>Higher fixed expenses<\/td><\/tr><tr><td><strong>9+ months of expenses<\/strong><\/td><td>As above plus:<br>Self-employed and gig workers<br>Commission-based income<br>New immigrants<br>People with irregular earnings or no EI eligibility<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"875\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_2.jpg?quality=80&amp;w=875\" alt=\"RBC infographic showing emergency fund savings recommendations based on lifestyle: 3 months, 6 months, or 9+ months of expenses\" class=\"wp-image-97159\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_2.jpg 1667w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_2.jpg?resize=256,300 256w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_2.jpg?resize=768,898 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_2.jpg?resize=875,1024 875w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_2.jpg?resize=1313,1536 1313w\" sizes=\"auto, (max-width: 875px) 100vw, 875px\" \/><\/figure>\n\n\n\n<p>While building an emergency fund to cover more than three months of expenses may be challenging, don\u2019t get discouraged. Even small amounts of savings can be beneficial. The key is to develop a consistent saving habit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-calculate-your-emergency-fund-amount\">How to calculate your emergency fund amount<\/h2>\n\n\n\n<p>To figure out how much you should save, calculate the living costs you\u2019d need to cover if something unexpected happened.<\/p>\n\n\n\n<p>Start by tracking your regular monthly expenses, such as:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Housing:<\/strong>&nbsp;Rent or mortgage payment, property taxes and condo fees<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Utilities:<\/strong>&nbsp;Electricity, water, natural gas\/heating and trash collection<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Communications:<\/strong>&nbsp;Mobile phone plan and home internet<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Insurance:<\/strong>&nbsp;Health, auto, homeowners\/renters and life insurance<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Transportation:<\/strong>&nbsp;Car payments, public transit passes and gas<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Childcare\/Education:<\/strong>&nbsp;Daycare costs, school tuition, or student loan minimum payments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Groceries:<\/strong> Food and household supplies<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Medical:<\/strong> Medications and healthcare not covered by provincial insurance<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Next, factor in other costs that may not be included in an average month, ad hoc expenses such as kids\u2019 summer camps, holiday expenses or bi-monthly tax bills.<\/p>\n\n\n\n<p>Once you\u2019ve calculated your average monthly expenses, multiply that by the number of months you need your emergency fund to cover. That\u2019s your target savings amount.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-where-to-keep-your-emergency-fund\">Where to keep your emergency fund<\/h2>\n\n\n\n<p>It\u2019s a good idea to keep your emergency fund in its own account, separate from the money you use to cover day-to-day expenses. That way, you won\u2019t be tempted to dip into it.<\/p>\n\n\n\n<p>You want the money to be liquid&nbsp;\u2013&nbsp;in other words, easily accessible when you need it. Ideally, it should earn you more money as you save it. That\u2019s why a chequing account, which usually pays little to no interest, may not be the best place to keep it.<\/p>\n\n\n\n<p>A high-interest savings account (HISA) or <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/gics.html\" data-dig-id=\"LP-97112-c37b3ebf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"cashable GIC\" class=\"rbc-link-format\">cashable GIC<\/a> may offer liquidity and higher interest rates to help you save more. You have the option to keep these inside a Tax-Free Savings Account (TFSA), which means you won\u2019t have to pay income tax on the interest you earn. Make sure you don\u2019t exceed your TFSA contribution maximum. <a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/high-interest-savings-account.html\" data-dig-id=\"LP-97112-a94603ef\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn how to set up a HISA\" class=\"rbc-link-format\">Learn how to set up a HISA<\/a> and <a href=\"http:\/\/rbcroyalbank.com\/bank-accounts\/savings-accounts\/compare-savings-accounts.html\" data-dig-id=\"LP-97112-51bd52ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"compare savings accounts here\" class=\"rbc-link-format\">compare savings accounts here<\/a>.<\/p>\n\n\n\n<p>Use the <a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/savings-interest-calculator.html\" data-dig-id=\"LP-97112-3b73d703\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Savings Calculator\" class=\"rbc-link-format\">RBC Savings Calculator<\/a> to help plan your contributions and see how your money may grow over time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-build-your-emergency-fund-step-by-step\">How to build your emergency fund step by step<\/h2>\n\n\n\n<p>Building an emergency fund takes time and dedication, but it\u2019s easy to get started. Follow these steps to set yours up.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-1-set-a-goal\">Step 1: Set a goal<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Calculate how much you\u2019ll need in your emergency fund.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Decide on a monthly or per-paycheque amount to put toward that goal.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-2-create-or-update-your-budget\">Step 2: Create or update your budget<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Organize your finances so you can make regular contributions to your emergency fund while still meeting other expenses.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Identify where you might cut back temporarily to reach your goal faster.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-3-open-a-separate-account\">Step 3: Open a separate account<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider opening a separate account (like a HISA or TFSA as mentioned above) to keep your savings separate while providing easy access to your funds. A savings account with higher interest may be a good choice.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-4-automate-your-savings\">Step 4: Automate your savings<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Build your account by setting up regular, automatic contributions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Time your transfers to your pay periods to make saving even easier.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Learn more about <a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/save-matic.html\" data-dig-id=\"LP-97112-4ce75c23\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"setting up an automated savings plan\" class=\"rbc-link-format\">setting up an automated savings plan<\/a>.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><em>Tip: Contributing lump sums, such as work bonuses, cash gifts or tax refunds, is a good opportunity to get closer to your goal.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"697\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg?quality=80&amp;w=697\" alt=\"RBC infographic showing four steps to build an emergency fund: set a goal, create a budget, open a separate account, and automate savings\" class=\"wp-image-97162\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg 1667w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg?resize=204,300 204w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg?resize=768,1129 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg?resize=697,1024 697w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg?resize=1045,1536 1045w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/C1677_RBC_Inforgraphics_EmergencyFund_Final_3.jpg?resize=1393,2048 1393w\" sizes=\"auto, (max-width: 697px) 100vw, 697px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-rebuild-your-emergency-fund-after-you-use-it\">How to rebuild your emergency fund after you use it<\/h2>\n\n\n\n<p>Start saving again as soon as possible. Contributing even small amounts can make a difference. Use automation to simplify the process. Also, consider whether your 3-6-9 target needs adjusting to match any recent lifestyle changes \u2013&nbsp;for instance, if you\u2019ve had a baby, bought a new house or become self-employed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-your-emergency-fund-is-enough\">When your emergency fund is \u201cenough\u201d<\/h2>\n\n\n\n<p>Your emergency fund is about peace of mind, not perfection. And once you\u2019ve reached your target, you\u2019re in the perfect place to redirect that savings habit toward other goals. For example, you might:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Focus on debt repayment<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcdirectinvesting.com\/gosmart-for-new-investors\/index.html\" data-dig-id=\"LP-97112-81f02219\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Start investing\" class=\"rbc-link-format\">Start investing<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Save toward a home down payment<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Aim for short-term goals such as a new car or a dream vacation<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-emergency-fund-mistakes-to-avoid\">Common emergency fund mistakes to avoid<\/h2>\n\n\n\n<p>Before you get started, review these common errors many Canadians make when it comes to emergency funds:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-using-your-chequing-account\">Using your chequing account<\/h3>\n\n\n\n<p>If all your money is in one bucket, it\u2019s too easy to accidentally spend your savings. Keeping your emergency fund in a separate account can help you save while still letting you easily access your money in case of an emergency. A savings account with a higher interest rate may help your emergency fund grow a little faster.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-saving-too-slowly\">Saving too slowly<\/h3>\n\n\n\n<p>Your emergency fund target might feel challenging, but setting this money aside is important for your financial security. Review your budget and find ways to make those transfers as big as possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dipping-into-your-fund\">Dipping into your fund<\/h3>\n\n\n\n<p>You might be tempted to use your emergency fund for a splurge, but that\u2019s not what it\u2019s meant for. Keep it out of sight, add to it according to your plan and otherwise don\u2019t think about it until you really need it. &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-not-rebuilding\">Not rebuilding<\/h3>\n\n\n\n<p>When you go through tough financial times, survival mode kicks in, and it can be easy to forget about the future. But after the dust settles post-emergency, it\u2019s important to rebuild your fund in case there\u2019s a next time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-emergency-funds-an-essential-financial-tool\">Emergency funds: An essential financial tool<\/h2>\n\n\n\n<p>An emergency fund is an important way to protect yourself against unexpected expenses while keeping your finances intact. Start building one today, and over time, you\u2019ll have a safety net that will have you face a crisis without jeopardizing your financial future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faq\">FAQ<\/h2>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title6cc34019\" class=\"collapse-toggle collapsed\" data-target=\"#accordion6cc34019\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97112-6cc34019\" aria-controls=\"accordion6cc34019\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Do I really need an emergency fund?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Do I really need an emergency fund?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion6cc34019\" role=\"region\" aria-labelledby=\"accordion-title6cc34019\"><div class=\"collapse-inner\">\n<p>Think of an emergency fund as a safety net for your finances so that if something unexpected happens, you won\u2019t have to dip into savings or go into debt to cover it. It\u2019s worth it to be prepared.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title451fa2bb\" class=\"collapse-toggle collapsed\" data-target=\"#accordion451fa2bb\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97112-451fa2bb\" aria-controls=\"accordion451fa2bb\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Do students need an emergency fund?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Do students need an emergency fund?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion451fa2bb\" role=\"region\" aria-labelledby=\"accordion-title451fa2bb\"><div class=\"collapse-inner\">\n<p>It\u2019s a good idea for everyone who has expenses to have an emergency fund. While student emergencies might look like a broken laptop or an unexpected car repair rather than a mortgage payment, having a cushion may help them avoid going into debt to cover it. Plus, building the habit of setting aside small amounts early helps create long-term financial security.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlefd1538d6\" class=\"collapse-toggle collapsed\" data-target=\"#accordionfd1538d6\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97112-fd1538d6\" aria-controls=\"accordionfd1538d6\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can my emergency fund be in stocks?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can my emergency fund be in stocks?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionfd1538d6\" role=\"region\" aria-labelledby=\"accordion-titlefd1538d6\"><div class=\"collapse-inner\">\n<p>That\u2019s generally not recommended. You want to be able to access your emergency fund whenever you need it. Stock market values can fluctuate, and if the market is down when you have an emergency, you might be forced to sell your investments at a loss.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title69808c83\" class=\"collapse-toggle collapsed\" data-target=\"#accordion69808c83\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97112-69808c83\" aria-controls=\"accordion69808c83\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Should I invest my emergency fund?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Should I invest my emergency fund?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion69808c83\" role=\"region\" aria-labelledby=\"accordion-title69808c83\"><div class=\"collapse-inner\">\n<p>An emergency fund should be kept in a liquid, low-risk account, such as a high-interest savings account or a cashable GIC. The priority for this money is that it\u2019s available when you need it, without the risk of losing its value.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleb5db712c\" class=\"collapse-toggle collapsed\" data-target=\"#accordionb5db712c\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97112-b5db712c\" aria-controls=\"accordionb5db712c\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Is it better to have an emergency fund or pay off debt?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Is it better to have an emergency fund or pay off debt?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionb5db712c\" role=\"region\" aria-labelledby=\"accordion-titleb5db712c\"><div class=\"collapse-inner\">\n<p>While paying off high-interest debt is important, having even a small emergency fund can help you avoid taking on new debt when an unexpected expense arises. Organize your budget so you can build a basic cushion while also working on your debt repayment plan.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>An emergency fund is money set aside to cover unexpected expenses like job loss, illness or major home repairs. 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