emergency fund Archives - Our Bill Pickle

$1K is still not enough for an emergency fund

October 28, 2021

$1K is not enough for an emergency fund, especially if you're in debt. Here are three reasons why you should save a bigger emergency fund.

My thoughts about personal finance have evolved and changed over time, but one thing has stayed consistent: I don’t think $1K is enough for an emergency fund.

Saving an emergency fund was the first things we did when we started paying back our debt. It was the move that made the most sense: the emergency fund created a cushion in our budget that helped us avoid accumulating more debt when unexpected situations arose.

But when I saving, I quickly realized there are very different opinions about the “right” amount to have in your account when you’re in debt.

One popular idea is to have a $1K emergency fund while you pay back debt. I get the logic: keeping your emergency fund small means more money is available to pay off debt. More money to debt means you pay off the debt faster. Makes sense, right?

Maybe for some. But I never bought into the idea that $1K is enough for an emergency fund. I didn’t believe it at the start of our journey and I still don’t believe it today.

Here’s why.

Maternity leave in Canada: 6 tips to help you prepare

September 30, 2021

Planning to take maternity leave in Canada? Here are six simple steps you can take to prepare your finances.

Before getting pregnant, I knew very little about maternity leave in Canada.

I knew I would be eligible and that I would receive less money…and that was about it.

Of course, my lack of knowledge about the ins and outs of maternity leave in Canada makes sense. Before having a baby, I didn’t have a reason to have experience with the program.

That changed as soon as I found out we were expecting. Understanding how having a baby would impact our finances was important to me from the start.

Today, I’m sharing a snapshot of what I learned, my experience with maternity and parental leave in Canada so far and a few tips based on my experience.

Where I’ve been (and where I’m heading) – a life update

September 2, 2021

A lot has changed over the last six months at Our Bill Pickle. This life update talks about where I've been (and where I'm going).

How does one even begin writing a life update covering a six-month span where their life completely changed?

Hello. It’s been a while — certainly longer than I intended.

When I hit publish on my last post, I did not anticipate it would take me so long to get back to this space. If you go by that date, it’s been more like five months, but most of that post was written in advance. Realistically, it’s been closer to six months since I actually sat down to write.

That’s wild to me considering I kept a pretty consistent twice-weekly schedule for almost two years.

But a lot has changed. Life today looks very different than it did at the beginning of 2021.

And while I am hopeful things will be a little less chaotic coming into the end of the year, some of the events are going to continue impacting my life and this blog.

Here’s a glimpse at where I’ve been and where I’m heading.

Four reasons we’re increasing our emergency fund

January 19, 2021

In 2021, we're planning on increasing our emergency fund from $5K to $10K. Here's why (and where we plan to store it).

Increasing our emergency fund is one of our main financial goals for 2021.

That feels weird to write. For at least the last two years, our financial priorities have revolved heavily on paying down our debt. We’ve made a lot of progress, shrinking our debt from $65K to less than $20K.

Becoming debt-free is still a priority for us but it’s not our only financial goal.

This is why we’re increasing our emergency fund (and how where we’re choosing to store it helps us add to the account without any work on our part).

Note: This post contains a referral link for EQ Bank. It’s clearly indicated. If you sign up using my referral link, I’ll receive a bonus at no cost to you.

Why we’re slowing down our student loan repayment

January 14, 2021

We’re slowing down our student loan repayment in 2021.

After a year that saw us shave close to $10K off the principal balance of the student loan, we set a goal for 2021 that will see the balance shrink by less than half that amount — about $3.5K.

Considering how paying back the student loan has been a key focus for us over the last two years, this represents a big shift.

But there are a few factors that make me feel good about the decision.