A rainy day fund can help maintain peace of mind, so you can be confident that you can manage unexpected events without impacting your mental health.

From home repairs to medical bills, unplanned expenses can crop up when you least expect them. So it’s best to be as financially prepared as possible—in other words, making sure you have good financial well-being and can weather any storms that may come your way.

Don’t worry if you don’t have much (or anything at all) in your emergency savings pot at the moment. According to Bankrate’s 2025 Emergency Savings Report, 3 in 5 Americans (59%) are uncomfortable with their emergency savings. That’s why we’ve created a step-by-step guide to help you start putting money aside for your future.

The good news is, you don’t need to be a personal finance expert to start building an emergency fund. Here’s everything you need to know to meet your financial goals.

What is an emergency fund?

An emergency fund is a financial safety net to cover unexpected expenses or sudden loss of income, as a result of job loss or illness.

The fund can be used for a variety of financial emergencies, from car repairs to cash flow issues.

What is a good starter emergency fund?

It’s generally advised to have three to six months’ worth of expenses in your emergency fund, but how much you save depends on your situation. For example, if you’re the main provider or you have multiple dependents, you may decide to have more in your pot.

This is sometimes known as the 3-6-9 rule:

• Three months is recommended for those with a stable income and little to no debt.
• Six months is a good middle ground for an emergency fund, suitable for those with some debt and dependents.
• Nine months might be wise if you’re the main provider, have higher debt, or have complex financial situations.

We know it might sound like a lot of money. But don’t be put off if that feels too much. Anything you can put aside is beneficial, and everyone has to start somewhere when it comes to savings.

Why do you need an emergency fund?

There are many benefits to having an emergency fund.

If you suddenly find yourself in a financially unstable situation, it’s important to have enough money to cover a few months of expenses. This will help secure the safety and happiness of yourself and your loved ones.

Having an emergency fund will also provide you with financial security and stop you from making hasty financial decisions and potentially racking up unnecessary debt when you suddenly need some cash.

Where should you put your emergency savings?

There are plenty of options for where to put your cash. It will depend on your circumstances and how quickly you might need to access money in an emergency, as some lock money away. You can also use a few different options to help you get the best balance between accessibility and interest-earning potential.

• A high-yield savings account will pay high interest rates on your savings. Do your research to find the best deals, and be ready to switch providers if interest rates drop. These bank accounts sometimes also offer welcome bonuses to new customers, which means you can add more to your pot.

• A money market account is essentially a mix between a checking account and a savings account. They tend to offer good interest rates and limited withdrawals from your savings. So if you can be confident you won’t need immediate, easy access to your savings, this might be a good option.
• A certificate of deposit (CD) account offers a fixed rate of return in exchange for locking your money away for a set period (e.g., 18 months). Often, there will be penalties if you need to make early withdrawals, but these will differ between accounts, so do your research.
• An easy-access checking account is a good option if you want to be able to access your money quickly. Some banks have savings pots within their checking accounts to help you separate money for different uses. These will often have smaller interest rates than other options.

Wherever you decide to put your money, make sure it’s safe. Opt for banks and credit unions that are members of the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).

6 steps to build an emergency fund

1. Understand your current finances

To make smart financial decisions, you must understand your current finances. That includes the amount of money you currently have in your checking account balance and other bank accounts, as well as any debts you owe, including credit card debts.

It’s also crucial to audit your monthly expenses. This way, you can fully understand what your outgoings are each month and understand what you can cut back, if needed, such as streaming subscriptions or gym memberships. It’s also useful to understand how much you spend on miscellaneous transactions, including ATM withdrawals.

If you’re in a relationship, be sure to include your partner in your calculations, too.

2. Determine how much you can save

It’s important to set a savings goal, so you know what you’re working towards. But equally, it’s wise to be realistic about how quickly you can get there.

Think about the 3-6-9 rule to set out an ideal amount to aim for. Then work out how much you can realistically save each month to meet that target.

This will mean assessing your outgoings and expenses against your monthly income, considering what you can cut back on, and how much you can put aside.

3. Choose saving strategies that work for you

There are lots of ways to save money, from strict budgeting to paying off debts. When it comes to emergency funds:

• Set a budget—and stick to it. Be disciplined and share your goals with others, so they can support you.
• Set up automatic transfers from your regular salary to your savings accounts. Do this as soon as you get paid, to avoid the temptation to spend it.
• Monitor interest rates and, if you can get a better deal elsewhere, move savings accounts to maximize the return on your savings. Make sure you won’t incur any penalties or fines before moving money, as this could undo any benefits.
• Commit to saving windfalls, which means unexpected income such as a tax refund, bonus, or inheritance. Save as much for any windfalls as possible, and immediately.
• Save any small change by putting physical coins in a jar or saving digitally.
• Pay off any outstanding debts, starting with high-interest credit cards. This might seem counterintuitive, but it will free up money for you to put into your savings.

4. Find a good place to keep your savings

We outlined bank account options earlier in the article. Personal finance is personal, and what works for one individual might not be the best option for you.

Whatever you decide for your savings plan, it’s wise to keep your emergency fund in a separate account or savings pot, so you aren’t tempted to spend it. And remember to use an FDIC-insured bank account for your savings to protect your money.

5. Stay accountable

Saving takes time and, let’s face it, can be frustratingly slow.

Keep the momentum going by celebrating milestones such as completing six months of consistent saving or reaching a specific figure. You can celebrate these yourself, or share your wins with a loved one who can also share your successes.

6. Planning when and how to use it

Once you’ve built up a decent-sized emergency fund, it will be tempting to dip into your savings. However, remember how long it took you to save the money. It’s much easier to spend money than to save it.

Try setting some ground rules for yourself that will help you spend the money wisely. Perhaps there are only certain situations you want to use the money for. This is especially important if you’ve got a family and dependents, when everyone agrees what reasonable living expenses look like, it will help keep spending decisions harmonious.

Do remember to be flexible as well as disciplined. Stuff happens, and it may not be an unexpected expense you’d bargained for, but have the confidence that you can always get your emergency fund back on track with a little hard work and determination.

How you can use crowdfunding to start an emergency fund

Crowdfunding is an excellent way to boost an emergency fund and help reach financial security. Setting up a crowdfunding campaign is easy on GoFundMe and can complement the other saving techniques you’re using to hit your emergency savings goal.

Start by setting up a fundraising campaign with a compelling fundraising story and share it on social media to reach as many people as possible. This will allow friends, family, and your network to support you and contribute to your emergency fund.

The post Your ultimate guide to starting an emergency fund appeared first on GoFundMe (CA).

As the leading platform for people-powered giving, we recognize our responsibility to support and advance the rights, dignity, and sovereignty of Indigenous Peoples. Ongoing dialogue will help us align our intentions with the priorities of Indigenous communities, fostering a collaborative and respectful approach to learning truth and actioning reconciliation. GoFundMe strives for meaningful and lasting change, reinforcing our commitment to working in partnerships that are founded on understanding and respect.  

Our first steps include:

• Committing to meaningful, ongoing consultation and respectful partnerships with Indigenous Peoples.
• Supporting Indigenous-led fundraising efforts by amplifying Indigenous voices.
• Continuous education and learning by our team on the history and impact of colonialism and the work of reconciliation. This includes ongoing learning related to the impacts of industrial institutions (commonly referred to as residential schools), UNDRIP, Treaties, Indigenous law, and Aboriginal-Crown relations.

This is just the beginning. The journey towards reconciliation is ongoing and takes work and commitment. Reconciliation is not an end goal or a list of tasks to be completed.

To begin to amplify Indigenous voices, GoFundMe has created a dedicated landing page spotlighting Indigenous-run campaigns. Please click here to learn more and find out how you can show your support.

The post GoFundMe’s Commitment to Indigenous Reconciliation appeared first on GoFundMe (CA).

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To see all verified fundraisers, please check out main hub page here.

Support the Wildfire Relief Fund

Join GoFundMe.org in supporting wildfire preparation and recovery efforts today. Your single donation allows GoFundMe.org to respond with speed and support a range of needs related to wildfire relief efforts across the country.

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These athletes pour their hearts into their training, driven by the desire to represent their countries on the global stage. Yet the financial burden often stands as their greatest obstacle. While the public’s attention may turn to the games every few years, preparation and fundraising are year-round endeavors for these hopeful athletes. Training at the highest level demands significant financial resources. While well-known athletes and popular sports often secure sponsorships, many others rely on the generosity of friends, family, and their communities to fund their athletic dreams through platforms like GoFundMe.

Beyond physical and financial challenges, athletes often juggle full-time jobs, family commitments, and unexpected setbacks. Even after qualifying, the pursuit of gold can remain daunting.

The road to Paris involves sacrifices not only from athletes but also from their families, who support them every step of the way to be there in the stands cheering them on during competition.

This summer, Paris will host athletes whose journeys echo many of those who came before them. Over the past decade, athletes worldwide have raised more than $25 million on GoFundMe to help them compete for gold on the world’s biggest stage.

Each athlete’s path to greatness is unique– whether balancing full-time employment with rigorous training, staging a remarkable comeback, or ensuring their loved ones witness their peak performance. Discover these stories and more on our 2024 Paris Games hub, where hundreds of athletes share their inspiring journeys.

The post Paris Games with help from GoFundMe and their hometown communities appeared first on GoFundMe (CA).

If you don’t want to compromise on your wedding dress or miss out on the ultimate crowd-pleaser of a venue, then you may need some additional financial help to make your wedding budget stretch.

For an amazing day that you’ll cherish forever, crowdfunding can help you achieve the wedding you always wanted. In this article, we explore how to raise money for a wedding, so you can look back on your big day with fond memories.

How much does a wedding cost?

Planning your wedding should be fun, but all across the world couples are struggling to meet the rising costs of weddings, and it’s no different in Canada. In fact, it’s thought the average wedding costs between $22,000 and $30,000, with Canadian couples having to dip into their savings and investments for more than 60% of their wedding costs.

If you’re looking for a financial solution, then why not explore the wedding fundraiser ideas below for some inspiration?

Tips for wedding fundraising

Learning how to raise money for a wedding may seem daunting at first, but once you’ve received some initial pointers you’ll be well on your way to securing your first donations. 

Whether it’s financial support to make your dream wedding a reality or a newlywed fundraiser once the celebrations have ended, these top tips will ensure you don’t have to rob a bank to make your wedding day special.

Fundraise as a couple

Teamwork makes the dream work – start as you mean to go on by joining forces to fundraise for the big day. As a couple, you have the opportunity to reach more people by combining both of your networks, while also being able to tell your fundraising story more authentically. 

Here are some of our favourite wedding fundraiser ideas for couples:

• Take on a physical challenge, such as a marathon or long-distance hike.
• Host an event – cooking class, trivia night, or themed party.
• Create a social media campaign to distribute across both your social channels. 
• Organize an auction.

Be open and honest with your fundraising story

When writing your fundraising story, it’s important to be honest and provide as much detail as possible about why you need the financial support. If you’re too vague in your description, then people are less likely to donate their hard-earned cash. Remember, compelling stories turn passive visitors into active donors and sharers.

Here are some top tips on how to write an effective fundraising story:

1. Break the text up with paragraphs and bullet points so it’s easier to read.
2. Bold, underline, and italicize important points.
3. Be honest and direct.
4. Make it clear how much money you need to raise and what the funds will be used for.
5. Post pictures and videos.

Be specific in your ask

Personalize your fundraiser by thinking about what the money will be used for specifically, rather than simply stating that you’re “raising money for a wedding”. 

Donors are more likely to give generously if they can visualize where their money will be going. For example, you should state whether the funds will be spent on a photographer, band, dress, venue, food, or any other wedding essential.

The sooner you get to the “why” of your wedding fundraiser and how the money raised will help, the more obvious it is why this cause is so important to you.

Get help from family and friends

Involve family and friends so they can help you to raise money. They can support you by simply sharing your GoFundMe campaign with their networks or by getting involved in some of the wedding fundraiser ideas discussed earlier, such as a physical challenge or an organized event.

Don’t be afraid to ask for support. Family and friends are usually willing to help and will go above and beyond to make your wedding day extra special. Not to mention the fact they also benefit from good food and a show-stopping band!

Wedding crowdfunders to inspire your fundraising

When discussing how to raise money for a wedding with your partner, one of the most appealing options will be to start a fundraiser. With the help of GoFundMe, you can join thousands of other Canadians who have relied on us to fundraise for their wedding. 

Here, we share just a few of those amazing stories to help inspire you to follow in their footsteps.

Claire & Nathan’s Wedding Fundraiser

Claire and Nathan are raising money to have a destination wedding in 2025. With a big price tag, they have turned to GoFundMe for donations to make their wedding happen. All donations will go towards paying for the venue, the travel to get there, and the stay at their chosen destination in Canmore for the duration of time they need.

Support Karina and Enrique on Their Path in Marriage

Karina and Enrique recently united in a spiritual ceremonial marriage officiated by the indigenous Yawanana Tribe in Brazil. Now that they have exchanged vows amidst the Brazilian Amazon, they are asking for donations to help empower and support them financially on their path and journey ahead. 

Matt and Zahori’s New Life Together

As Zahori and Matt near the day of their wedding, they’re asking for donations to make their special day come true. Having both recently started new careers, they need financial support to help give their wedding funds a boost. The money they raise will be used for food, favours, a small honeymoon, and the necessary visa paperwork for Zahori to properly and legally enter and remain in the country. 

Start fundraising for your big day

Now we’ve shared our wedding fundraiser ideas, can you start to hear wedding bells? With the help of GoFundMe, you’ll be walking down the aisle and saying “I do” in no time. 

To ensure you and your partner, or a couple close to your heart, get the wedding day they deserve, kick-start your fundraiser with GoFundMe today to make those dreams a reality.

The post How to crowdfund to raise money for a wedding appeared first on GoFundMe (CA).

But don’t let that intimidate you – the way it’s designed means that no matter if you’re an ultramarathon runner or just want to test yourself with something a bit different, you can. Plus, it’s a brilliant way to raise money!

In this article, we share everything you need to know about David Goggins’ challenge, so you can test your fitness while raising money for a cause close to your heart.

What is the 4x4x48 challenge?

The 4x4x48 challenge is a simple concept that was pioneered by American ultramarathon runner David Goggins. The former Navy SEAL founded the challenge in March 2020 and has since mobilised thousands of people around the world to test their physical and mental strength.

Depending on your level of ability, you either walk or run four miles every four hours for a 48-hour period, which totals 48 miles. It’s challenging not just because of the distance but the mental strength it takes to complete without getting a proper rest.

Yes, you’re not running for the entire 48 miles but you’re not sleeping either! It’s a brilliant challenge and it means you can take it at your own pace. It’s simple to follow so you can complete it on your own, but it’s also very conducive to a fundraising activity in a team to keep each other going and offer a bit of moral support.

When does the challenge take place?

There is no set date for the David Goggins challenge and it can be done whenever you choose to do it. However, most people take on the challenge in March.

If you want to align your race with the man himself participating, you’ll need to closely follow his Instagram page for updates. 

How to get through the David Goggins 4x4x48

The 4x4x48 challenge is a gruelling physical endurance test for anyone who decides to attempt it, but the best part is that it is virtual and non-competitive. This means that you can complete the challenge at your own pace. 

David Goggins himself advises non-runners to modify the challenge to suit their ability, for example, by walking or jogging for 45-60 minutes of each four-hour leg.

If you do decide to take on the full challenge, you will be covering a huge distance, so many people do some form of training before the actual event.

Here are some tips for how to get through the challenge on the day.

Create a virtual race playlist

Music is a great motivator, so selecting some of your favourite songs to listen to during your virtual race might be the difference between pushing you forward at a challenging point and losing momentum. Create a special motivational playlist for your 4x4x48 challenge to get inspired.

Make it fun

While a virtual challenge may not have the supportive crowds, sound systems and water stations that characterise a typical race, it doesn’t mean you should shirk on pomp and ceremony. Undertaking your 4x4x48 challenge in fancy dress, creating a theme or erecting a ‘finish-line’ ribbon can all add to the sense of occasion. 

Share photos with other participants or arrange a celebratory video chat to toast your achievements. Awarding prizes for the best outfit or best time is another way to generate some healthy competition.

Stay hydrated

It’s vital you stay hydrated during your challenge. Ensure you factor in water breaks to keep your body operating at peak performance – and don’t forget to stretch after completing to help your body recover.

How to fundraise for 4x4x48

The challenge was originally created to encourage people to raise funds for charity. Goggins encouraged participants to pick a charity or a cause that was close to their hearts and start fundraising. 

Find out how to successfully raise money for your worthy cause by following the advice below.

Find the right cause for you

If you’re not sure about which charity or cause you want to support, start with some general interests, such as helping animals, children, or communities in need. The number of causes out there is almost endless and organisations of all sizes may need your help.

Struggling for inspiration? Check out charity fundraisers on GoFundMe, so you can find a cause you’re passionate about. By choosing a cause that resonates with you, you’ll be more motivated to raise as much money as possible, and finish the 4x4x48 challenge without breaking a sweat (we can’t guarantee the latter).

Launch a crowdfunder

Once people know that you are crowdfunding, they are going to need somewhere to donate to. Launching a GoFundMe online is a great way to collect donations, as you can create a fundraiser in a matter of minutes after signing up. 

Here are some key tips to remember when crowdfunding online:

1. Let people know that you are fundraising: Once you have decided on your charity, the best way to raise funds is to let as many people as possible know about it. What better way to do this than to post on your social media networks? Use X (formerly Twitter), Instagram, Facebook and WhatsApp to reach out to your friends and family and ask for their support.
2. Remember to personalise your campaign: Once you have signed up, you can personalise your fundraiser by adding a picture and a description about it, explaining who or what it is for. This gives you a good opportunity to make it fun and stand out from similar campaigns.
3. Set a goal: Setting a fundraiser goal is a good way of giving people something to aim for. If you haven’t decided yet, set a rough goal – you can always adjust it later.
4. Get your money to your charity: You can select your chosen charity from a drop-down menu when you set up your campaign. Once you have selected a charity, all the money raised, including 100 per cent of gift aid, will automatically be sent to that charity as part of your charity collections. It is a good idea to say in your description why you have chosen to raise funds for your chosen charity and what it means to you, either as an individual or a company.

Start your 4x4x48 fundraiser today

So, what are you waiting for? Why not start your 4x4x48 challenge crowdfunder on GoFundMe today?

It couldn’t be easier to set up a fundraiser, simply follow our fundraiser sharing tips, post the link on your social media platforms and start racking up donations from generous supporters.

Unlike other fundraising platforms, there are no hidden fees on Gift Aid with GoFundMe.

Our experts are on hand to offer 24-hour help and advice. Plus, you can use our mobile app to check in on your fundraising progress on the move.

With our help, you’ll be striding out over the first mile of the David Goggins 4x4x48 challenge and raising loads of money in no time at all.

The post Everything You Need to Know About the David Goggins 4x4x48 Challenge appeared first on GoFundMe (CA).