Your Emergency Fund – Keeping You Out of Debt

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Having an emergency fund decreases my stress because I know I have money in case of an emergency and lets me stick to my savings goals even when times are tough. Even with a good budget unexpected events happen.

An emergency fund must be easy to access and large enough to support you through a short period of difficulty. This could vary from job loss to poor health to a family crisis to any other challenge that you encounter. What they have in common – they would have a negative impact on your finances. An emergency fund will reduce your financial stress and decrease your dependence on credit cards when times are tough.

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Stricter Mortgage Rules – In the News

On Tuesday OSFI (Office of the Superintendent of Financial Institutions) released the final draft of the new mortgage qualifications. The new rule says you must prove you can withstand a 2% increase in your mortgage payments. As a mortgage holder if your interest rate is 3% you must prove you can afford your home at an interest rate of up to 5%.
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