Plan for Unplanned Expenses
According to a recent poll by BMO, “Sixty-eight per cent of Canadians surveyed have had to dip into their rainy day fund in emergency situations but the majority of them – 58 per cent – didn’t have sufficient cash to cover the full cost of the expenses, according to the BMO Rainy Day survey, released Wednesday.” (source: Globe and Mail)
Your financial plan should not only account for expenses you are aware of, but should additionally include reserves to cover those unexpected expenses.
How much should that excess pool be? How are these excess finances best pooled? Give me a call at the office and we can work together to provide confidence in your financial plan.