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Why every homeowner needs an emergency plan, not just an emergency fund Homeownership changes your finances. Even when money is tight, learn how to rebuild savings with an emergency plan while balancing debt and retirement goals.

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16.02.2026

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Why every homeowner needs an emergency plan, not just an emergency fund

Homeownership changes your finances. Even when money is tight, learn how to rebuild savings with an emergency plan while balancing debt and retirement goals.

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Q: About two years ago, the rental home my partner and I were living in was put up for sale. We couldn’t afford to buy it, but we also didn’t want to keep renting and risk being forced to move again, so we chose to buy a different house instead. Our mortgage payment is about the same as what we were paying in rent, and thankfully we had saved enough for a solid down payment. The downside is that the purchase wiped out our savings. We’ve started rebuilding, but we’re not making progress as quickly as we’d hoped because of the additional costs that come with homeownership. We’re proud of owning, but having no savings is discouraging. We’re both in our early forties and feel behind, especially with little in our TFSAs or RRSPs. We know we should be saving, but we’re unsure what to prioritize first. What would you suggest? ~Erin

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