Every financial guru or planner will talk about the benefits of having 3 to 6 months salary saved for a rainy day. However such a task can seem daunting if you don't have the cash to start with. Why not combine the rules of "Pay Yourself First" and "Systematic Deposits" to achieve this goal.
Start by setting up an automatic transfer on your pay date. Have these funds transferred into a Tax Free Savings Account (TFSA) which you earmark for emergencies. A bi-weekly deposit of $50 will generate $1,300 by the end of the first year.
More about TFSA later..............
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