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By MoneySense Staff on September 12, 2013

Why you may not need an emergency fund

By MoneySense Staff on September 12, 2013

Paying down your mortgage could be better than stashing away cash.

This article is 11 years old. Some details may be outdated.

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Many experts suggest saving six months of living expenses for emergencies like a job loss. But, says Toronto fee-only planner Jason Heath, if you’re in a stable household it makes more sense to use that money elsewhere, and open a home equity line of credit to draw on in the event of a crisis. Consider what happens if you take $20,000 in emergency fund money from your high-interest saving account and instead apply it to your mortgage. Sept2013emergfund

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