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What was the winning word at this year's Scripps National Spelling Bee?

What was the winning word at this year's Scripps National Spelling Bee?

CBCa day ago

Faizan Zaki, a 13-year-old from Texas, took top prize at this year's Scripps National Spelling Bee. Faizan, who came in second at the 2024 spelling bee, was all smiles as he spelled the winning word: éclaircissement.

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Tips on how to build an emergency fund
Tips on how to build an emergency fund

CTV News

timean hour ago

  • CTV News

Tips on how to build an emergency fund

We give you the top 5 things you can do now to set up an emergency fund. Setting aside money for unexpected expenses is an important way to protect your financial stability and to have peace of mind. An emergency fund is a cash reserve that is specifically set aside for when unplanned or unexpected financial emergencies arise. Whether it be a broken cell phone, car accident or loss of income, setting up an emergency fund will help keep you stay comfortably afloat without having to go into debt. 'It's not if you need it, it's when,' said Ottawa financial advisor Mitch McLean. A 2024 Angus Reid survey found that the majority of Canadians under 55 can not handle an unexpected expense of more than $1,000, making financial literacy all the more important. While there are different strategies for how to get started, CTV Morning Live spoke with McLean to provide tips on where to begin. Set up a separate account from your chequing account McLean says you should begin by opening a separate bank account for your emergency fund from your day-to-day chequing acount. 'Keep it separate. A chequing account is for daily activities, like paying bills,' Mclean said. Having your emergency fund in a separate account will help you not be tempted to spend it on non-essential costs. Automate it Setting up automatic payments on a biweekly or monthly basis is a helpful way to save consistently overtime. Most banking institutions allow customers to set up recurring transfers through bank accounts to move money from chequing or savings accounts. 'If you can automate it, you can set it and forget it,' Mclean said. He adds that creating any savings account is created by 'good habits,' requiring consistent discipline to see it build overtime. Yes, only use it for emergencies While sometimes tempting to dip into your savings from day-to-day expenses, it's important to maintain discipline to see that fund grow, Mclean said. 'Once you dip into it, make sure to replenish it,' he said. Set minimums and maximums Mclean recommends knowing the lowest amount you want to see in the fund and to also know when to stop contributing. 'You should probably have two months of household bills. That would be your minimum,' he said. But contributing too much to your account can also become an opportunity cost, he said. Many financial advisors recommend keeping between three to six months of living expenses, though this can vary depending on individual circumstances.

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