Thursday, June 2, 2011

Don't Get Caught Without Cash This Summer

We all know we need emergency savings for those inevitable rainy days, right? But if you're like most Canadians, you likely haven't socked enough (if any) away for life's urgent situations.

Not only do we know it's prudent to have 3-6 month's of our salary saved in a safe, liquid account, we also need to asses how much cash we should carry on our "person" and have in our home. Do you know?I was at my bank the other day and had to head into the branch (I rarely do as I always use the ATM or online banking). This was the second time in two months that I had to visit a teller for my banking needs and coincidence or not, the bank's systems were down each time. They literally couldn't do anything for any of the branch's customers. It made me wonder how susceptible each of us is in the event a store's debt or credit machines go down; how many of us carry cash any more? I'm from Alberta but have a plethora of friends in Toronto that can quickly remember the blackout not so long ago. Even the ATM machines were useless without power!

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