13 - How to Create an Emergency Fund When in Debt

If you are one of the nearly three-quarters of Canadians that have some type of outstanding debt - saving money might seem inconceivable. But financial advisers stress the importance of having emergency savings - even a small amount. In this well timed podcast Licensed Insolvency Trustee, Derek Chase, sheds some light on how to create an emergency fund when you’re in debt. If you’re someone who has more ‘month than money’ - Derek’s common sense ideas can kick start your savings plan. A few of the topics covered:

• Getting started: Start small but start now
• Tracking your income and expenses
• Understanding the ‘why’ and identifying individual needs and wants
• Options available to start over when your debt is insurmountable 
• Increasing your income with side hustles

Licensed Insolvency Trustees (LIT) are the only federally regulated debt advisors in Canada. They must all complete and pass rigorous bankruptcy and law courses before being granted a Trustee license. Speaking with an LIT ensures that you are getting the best qualified advice.

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

• Licensed Insolvency Trustee - Bankruptcy Trustee BC: Derek Chase & Associates
• Spring Into Savings | Derek L Chase & Associates Ltd | Licensed Insolvency Trustee
• How To Start A Budget For Healthy Financial Habits