Build an emergency fund by saving 3-6 months of expenses through consistent monthly deposits

Creating a financial safety net after divorce is crucial for your long-term stability. Start by establishing a dedicated savings account specifically for emergencies and develop a systematic saving strategy.

• Calculate your essential monthly expenses, including housing, utilities, food, and insurance
• Set up automatic monthly transfers from your chequing to savings account
• Start with small, manageable amounts like 5-10% of your income
• Look for opportunities to reduce spending and redirect funds to savings
• Consider keeping your emergency fund in a high-interest savings account for better growth

Remember that building an emergency fund takes time, but even small regular contributions will help create the financial buffer you need for unexpected expenses and peace of mind.