The solution: no one likes to think that he could be laid off from being laid off or having to deal with a furnace problem, but if that happens, you will be happy to have a financial cushion. Experts suggest setting aside three to six months of living expenses, somewhere like in a tax-free savings account where you can accumulate interest without sacrificing accessibility. You can also save money by preparing the worst case scenarios. If something happens to you, is your life insurance coverage enough to take care of your family and manage your debts? If this is not the case, check with your employer to see if you qualify for group coverage or do business with private providers.