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How Much is Too Much in Your Emergency Fund

The emergency fund is a tool, in my opinion, essential to have fully controlled personal finance and to sleep comfortably at night. Futher reading at

However, the issue of how much an emergency fund should have is something else and there are different opinions.

For me, at least one year in an emergency fund is almost indispensable. And depending on the employment situation, family and economic can be even more.

Although on the other hand, I think that more than two years of expenses in an emergency fund is too much. It would be an important opportunity cost.


How much money do you have to have in the Emergency Fund?

How much money do you have to have in the Emergency Fund?

Normally, the number of family members is usually used as a guide to know the appropriate amount , but that does not work on many occasions either.

A single person may need an emergency fund greater than or equal to a family of 4, if their economic and employment status is much worse than that of the family . It’s weird, yes, but there may be cases. And I also want to give this problem another perspective.

A quick way to establish how much your emergency fund should have is to think about the worst possible situation you can imagine . Car breakdown, job loss, etc.

Add an additional 20% in case you failed the calculations and that should be your goal for your emergency fund . Ideally, your emergency fund be able to cushion that situation without problems.

The right amount is one that makes you feel safe, after considering the most catastrophic scenario possible.

This brings us back to the idea that personal finance has more of ” personal ” than ” finance .” Something that I have repeated many times.

I think it makes perfect sense to calculate what could be the worst possible scenario in detail. And determine what the cost would be and what actions you would take to minimize it. Always keeping in mind that the worst possible scenario is different for each type of person.


It is important that this scenario be realistic

It is important that this scenario be realistic

Don’t overdo it, it’s complicated for 3-4 misfortunes to happen at once. That your car breaks down, they kick you out of work and your partner too and it turns out one of your children is detected a disease that does not cover social security. By power, it can happen. But the possibilities are minimal.

However, some of those cases, if they can happen and therefore, you must have an emergency fund of the appropriate size.


Another great piece to consider is your values

emergency fund

And the way you live your life . If you are a person who believes that you have to be self-sufficient and carry out prior financial planning, then your emergency fund may be bigger, although precisely because of that, you have better personal finances.

However, as I say, the key is an amount that makes you sleep soundly at night.



When defining the size of your emergency fund, be sure to look for not only the worst case scenario but also your way of looking at life and your personal values.

There is no magic formula that tells you how much your emergency fund should be. This is one of the things that you must decide for yourself.

Having your own mortgage broker, what’s the point?

Get help for complex cases

Get help for complex cases

For many people, convincing a financial institution to lend them a mortgage can be more complicated. For example, self-employed or contract workers and those who have already gone bankrupt may have some difficulty obtaining a loan. To avoid the stress of refusals and improve your chances, simply do business with a mortgage broker. This will help you work on your file to make it sound and will tell you which is the most appropriate lender for your context. You will not have to worry anymore, since the broker is there to direct you to the right financial institution. See for an example

Save time and avoid headaches

Save time and avoid headaches

Shopping a mortgage can be a long, complex and sometimes painful process. Instead of combining appointments with different potential lenders to compare rates and offers, rely on a mortgage broker. Thanks to its services, you have access to all the right information in a single appointment. And since the broker is not affiliated with a financial institution, you are assured that he will find the best mortgage for your situation and your needs.

Find the best clauses, not just a good rate.

Find the best clauses, not just a good rate.

Often, a rate of interest may seem very advantageous, but the clauses attached to obtaining this loan may eventually hurt you. In order to make the right choice, the mortgage broker helps you assess your needs and situation. For example, if you are thinking of quickly selling the house you are preparing to buy, the broker will pay attention to clauses that may result in penalties or restrictions if sold before the end of the term. Thus, you will be well informed of each clause and each condition of the loan and will be able to opt for the most advantageous.

Sound advice from A to Z

Sound advice from A to Z

A mortgage broker works not just with numbers, but with people who call on his services. That’s why he provides you with valuable advice and can direct you to the most appropriate resources to protect you. For example, a good broker explains the importance of the will and the mandate of incapacity and the value of a de facto spouse on a mortgage, etc. If necessary, he may even recommend you to a notary.

Be Prepared for Purchase and Start-up Costs

Be Prepared for Purchase and Start-up Costs

Buying a home comes with several fees that some homeowners may forget. To avoid unpleasant surprises, your mortgage broker makes an overview with you and provides you with the maximum amount of information before proceeding with the transaction. You are then able to foresee every detail, such as the moving expenses of your various service providers, the welcome tax, the notary fees, etc. You will be ready to move into a new property without the stress of financial contingencies.

Accessible and available professionals

Accessible and available professionals

Because in real estate everything can go very fast, a mortgage broker must be reachable easily and quickly. We know that our clients must get their appointments when they need them. Moreover, it is a key ingredient for a relationship of trust to develop between us and to get the best mortgage loan. That’s why our team is committed to meeting you quickly to meet your needs diligently. If you have questions or need to act quickly, you can talk to your mortgage broker or a member of the team.

Purchase – mortgage

Mortgage pre-approval

Mortgage pre-approval

The purchase of a property comes with a lot of questioning and it is necessary to respond well.

Before submitting a purchase offer, planning a first meeting with us is a good thing to do. You may be surprised by the multitude of purchase options that we will offer, at no cost, all included in our service offer.

This meeting will allow us among other things to establish a scenario of purchase according to your budget and your down payment, to guarantee you a rate of interest which can go up to 120 days and it will be our pleasure to answer all your questions.

Do not hesitate and come and talk about your projects.

Purchase main home – 1 to 4 owner-occupied dwellings

Our role is to accompany you through every step of the process of buying your property and crossing the finish line with you, having obtained the best mortgage product to meet your needs.

Are you ready to become an owner? We will evaluate your current financial situation, list all the expenses related to the purchase of a house and we will put you in contact with the professionals you will meet throughout the purchase process.

You will be surprised how many people can be involved in your buying process:

  • Your mortgage broker
  • The real estate broker
  • The lender
  • The building inspector
  • The assessor
  • Financial Security Advisor (Life and Disability/RRSP Loan)
  • The home insurance company
  • The notary

Since the economic crisis that hit the United States in 2012, the Government of Canada has tightened standards for homeownership in Canada. Several changes will affect the process of obtaining funding, here are some examples:

  • Withdrawal of the purchase without a down payment (the minimum now required is 5%).
  • On July 28, 2014, for insured loans, the maximum amortization period increased from 30 years to 25 years.
  • The increase in May 2014 mortgage loan insurance premiums.
  • On October 17, 2016, tightening of the qualification rules by the government.

Our duty is to inform you of all these changes and to advise you so that the purchase process is simplified.

First buyer

First buyer

You buy your first property, but where do you start?

No doubt, by a pre-approval mortgage that you can perform with the help of a member of our team of experts.

We will become partners for this great adventure and we will take the time to advise you on:

  1. The down payment to consider for the purchase
  2. Your maximum borrowing capacity
  3. Product choice and mortgage interest rate
  4. The advantages of doing business with a real estate broker.
  5. Start-up costs related to the purchase
  6. Inspection of the property
  7. Government programs and ongoing grants, such as the Home Buyers’ Plan (HBP) program.
  8. The planning and procedure for withdrawing your existing RRSPs.
  9. How the RRSP loan works
  10. The choice of the notary and how to prepare the meeting
  11. Home insurance is mandatory
  12. An insurance broker of all types (life, disability and salary insurance) is essential.

The advantage of starting your mortgage pre-approval process is that we can guarantee you an interest rate for a period ranging from 90 to 120 days and we will follow you for the lower mortgage rates, and this all for free.

Second home

This year, it’s decided we’re taking the leap!

We buy our cottage instead of renting, as we have done every summer for almost 10 years, we will capitalize well and we will enjoy the cottage all year.

It is possible to acquire a second home with only 5% down payment. Whether it is a 3 or 4 season cottage, a pied-à-terre in the city center or the purchase of a condo for our son who enters university, a multitude of choices are offered to you and always at very competitive rates.

Did you know that you can refinance your principal residence so that you can find equity that can be used as a down payment for the purchase of your cottage. It would be possible to make the purchase with an amount of 20% down payment and avoid paying the insurance premium (CMHC-Genworth-Canada Guaranty).

Ask a member of our team, we will be pleased to inform you.

Purchase Renovations

Purchase Renovations

You have found the house of your dreams, but she would need a little love. Have you thought about buying renovation. This product is offered at the same interest rate as the purchase without renovation. It allows you to add the amount of work to the purchase price of the property. Why wait and risk paying interest at high rates ranging from 18% to 20% by financing renovations from a credit card or personal loan (8%). It makes much more sense to plan the necessary renovations now.

Small rental building (5 units and less)

Today, with the help of mortgage insurers such as CMHC, Genworth and Canada Guaranty, it is possible to buy a residential building, owner-occupant, with only 5% down payment in the case of a homeowner. duplex and 10% down payment when it comes to triplex and quadruplex. For those who would like to buy a 5 to 8 unit building, contact us so that we can direct you to our specialist mortgage consultant with 5 units or more.


What Should You Value When Buying a Car?

Spain is characterized by having the oldest car park in Europe, and that results in bad smoke, cars that do not cease to break down and reviews in the annual periodic ITV. Therefore, perhaps more than one is already seriously considering acquiring a new vehicle and messing up these setbacks with your car.
However, the Spaniards who decided to buy a new one, continue to opt for diesel fuels that are, as we all know, the most polluting and, in addition, they begin to be very badly looked at in some European cities as we will see later.
Therefore, with the aim of throwing a cable and answering questions about it, in our urgent loan comparator we have decided to write an article in which we will explain what we should value in a car when deciding to buy it. We see it?


Diesel or gasoline?

Diesel or gasoline?

To date, diesel vehicles tend to consume less with respect to their gasoline counterpart. Although we must also keep in mind that the latter are usually cheaper models. Thus, we can talk about 2,000 euros above its brothers in the same range of gasoline range.

Therefore, it would be necessary to drive – and much – to compensate for this initial price difference. So if it is not our idea to get on the road quite often, we better discard this option.

Nor does its maintenance provide us with many joys, since the greater complexity of its engine demands that we strive more. Thus, it costs us an average of 640 euros over 10 years.
The car insurance joins the feast, because on average it costs 50 euros more. That is, 500 euros that we have accounted for over 10 years. Are you adding?

To top it off, there are cities that have already vetoed their access by 2025 – that’s just around the corner – to diesel vehicles such as Paris, Athens or Mexico City. For its part, Germany intends to advance the date to this same 2017. So it does not seem very wise to bet on a technology whose use is beginning to be banned from the main cities of the world.
Likewise, and if you still doubted, a progressive tightening of the emission rates imposed by the European Union is expected. Such circumstance will affect its manufacturing and selling price. Nor will it be strange for a politician to decide to make diesel taxes more expensive. Something that, as it is rumored, has already been about to happen with the current president Mariano Rajoy.

In sum, if we debate between these two fuels, the clear bet is gasoline. Now it is worth wondering if the latter would be victorious in a melee with hybrid or electric cars. We will study it right away.


Gasoline, hybrid or electric?

Gasoline, hybrid or electric?

If you have already ruled out the diesel option, and you think gasoline is your thing, we inform you that hybrids can be a very interesting option.

In this sense, if you are interested in the latter, we suggest you inform yourself about whether the model you have taken a look at is recommended more for the city or prepared for the road.
Regarding consumption, try to spend 1.5 or 2 liters. Of course they are more expensive than the previous ones, but they enjoy tax advantages and benefits.

On the other hand, if we feel like a pure electric, it is undoubtedly all its advantages: it pollutes less, tax benefits, free blue areas and parking lots, also exemptions in some tolls …
But, yes, they are more expensive at first although there are aids and, in addition, we talk about cars whose maintenance is very low, because they break down much less than conventional ones.

Keep in mind that the Movea Plan 2016 has come to offer up to € 5,500 of subsidy for the purchase of an electric vehicle.


Car size

Car size

Setting aside the means of propulsion of the car, another factor is its capacity and size. Not surprisingly, we must keep in mind the real needs and the use that will be given to the vehicle.
Do not forget that a smaller size also means lower fuel consumption, as well as more parking facilities. Also maintenance is usually cheaper. So keep these aspects in mind in your purchase.


Personal loans to buy a car

Personal loans to buy a car

Once you have clear the model, another song will be the question of how to finance the purchase. In this sense, we remind you that in our credit comparator, we also have personal loans and we put you in touch with such prestigious financial institutions as Cofedis or the credit line of Julips bank.
You can find out all the details of these personal credits for the purchase of a car on our website, as we explain everything in detail. Then, if you see that you are interested in taking the step, you just have to press the button and speak directly with them.



We are sure that with all this information in your possession you will be able to make the best decision and get a car that will accompany you for many years both in your daily trips and in your most endearing trips.
You know, enjoy it and drive with caution.

The importance of securing credit Securing credit with payday loan

It is important to insure one’s credit. It’s only natural that when you subscribe to a payday loan, you make sure the monthly payment fits your monthly repayment capacity. Securing your credit is important!

However, in the event of an unexpected event such as an illness, a job loss or an accident, it is likely that you could not easily repay your credit as before.

This is why the majority of credit organizations today require credit applicants to subscribe to borrower insurance.

The usefulness of a borrower insurance to insure his credit

The usefulness of a borrower insurance to insure his credit

It is best that any borrower subscribe to insurance before committing to a credit. Because it can happen during the repayment period, that an unforeseen fact prevents it from settling its repayments.

It is in this context that the insurance comes into play: it allows to repay in full the credit granted by the bank, if ever the borrower finds himself in a situation that no longer allows him to repay his debts.

This is an insurance often required by credit agencies. It takes over the remaining capital that the borrower could not repay because of an unforeseen event. The borrower insurance is of interest not only to the bank but also to the borrower.

The insurance of your credit protects you in case of accident, illness or job loss.

The insurance of your credit protects you in case of accident, illness or job loss.

Securing one’s credit is a protection that avoids seizure of assets, in the event of the borrower’s inability to pay its debts as planned. Insurance is also a protection for the borrower’s relatives. If he ever dies during the repayment period, he is covered.

Although not mandatory, the borrower insurance is highly recommended since it increases the chances of the credit applicant to obtain a loan.

  • To borrow money
  • Online credit immediate response Belgium
  • You are stuck and owner?
  • Lony Broker

Those who wish, however, to avoid taking out insurance borrower will have to put their property as collateral. But, it should be remembered that the placing of collateral is acceptable only if the borrower has a significant wealth.

Keep Track of Your Credit History? Pay For Utility Services In Time

Already two years ago, all housing and utility services providers were officially given the opportunity to provide information about their “clients” to the credit bureau.

Of course, it was not without certain conditions regarding the quality of the information provided. The fact is that it is allowed to send data only to those people, in the direction of whom, a court decision was announced. And this, respectively, malicious defaulters. Thus, to improve the credit history with the help of active workers of housing and communal services will not work. But, undoubtedly, the absence of such data about you in the BCA Bank will benefit you if you want to take a loan.

According to the initiators of the amendment, the usefulness of such data should be noticeable, both for financial structures that issue loans, and for subjects of information. It will be easier for lenders to identify their risks when evaluating a potential borrower, and for citizens of our country, the amendment should once again remind them that they need to fulfill their obligations to pay for the services they use.


Not Settle in Time? What will Happen..

Suppliers of utility services, mainly support this system. According to official data, by mid-2016, 50 organizations from 10 regions of Russia participated in the process. The activity of management companies could have been more powerful, but due to the lack of, for example, the defaulter’s passport data, they make the task very difficult. According to representatives of the Criminal Code for Housing and Public Utilities, this tool has a positive effect on the formation of the responsibility of residents regarding the occurrence of debts.

Not Settle in Time? What will Happen..

Now a few questions arise on the development of a system of interaction between suppliers of housing and utility services. At the moment, bills are already being drafted that will allow management companies to get the passport data of their “clients”. Also, the usefulness of information for lenders is interesting, as far as this information can really help for scoring. BCA Bank conducted a study and found that according to the data from the Criminal Code, it is possible to make objective conclusions about a person. Thus, more than 70% of those who owe large sums for utility bills, in almost 80% of cases have debts on consumer loans or deputies. And for almost all of them who took the car on credit, violations were also noticed. Such statistics show that you can safely use the data provided by utility suppliers for customer evaluation.

Upgrading and expanding the system, of course, necessary. In addition to the bill on passport data, there is an idea to give the Criminal Code the opportunity to provide positive information about their payers. This practice should strengthen the desire of citizens who monitor their credit history, and others, to control the situation with the payment of their bills for housing and communal services.

Credit Information Systems

What are credit information systems (sic) for? Whenever we ask for a personal loan, a mortgage, a credit card or a credit line what happens? Our data where are they sent?

Credit information systems: credit databases

credit information

The credit institution or the financial intermediary, when receiving a credit request from a customer, sends the information to a database. These structures (SIC) can be of a private nature (CTC, EXPERIAN, CRIF) or managed directly by the ZL Bank . The credit information systems represent a huge database where all the data related to the credit operations are merged.

Contrary to what one might think they do not contain only negative data (installments paid late or large delinquencies) but are updated with all loan requests . 95% relate to positive information, therefore to loans regularly paid. Registrations at the crif or at other databases take place for all loans.

Clearly if a query of the databases elaborates that we are paying a loan with delays or that the total installment is very high, it is unlikely that our request can be processed positively.

This system of computer data exchange is born in the interest of the operators of the sector to try to limit insolvency risks and make a “healthy” credit system grow.

But it is also born to protect consumers to avoid the risk of over-indebtedness which could cause many problems for families who would no longer be able to support loan payments.

Storage and cancellation times

credit loans

The financial institution requires the private individual or the company that applies for a loan to consent to the processing of personal data, in turn providing all the information relating to the way in which the data will be processed within the credit information systems , how long they will be kept, who can access them.

The legislation provides for the maximum duration of data retention in the database of credit information systems :

  • 6 months for the loan request which is reduced to one month in case of refusal or renunciation of the same;
  • 12 months in case of delayed payment of two consecutive installments. The one-year term begins to run from the day the payment was settled;
  • 24 months in case of delay in the payment of more than two installments. The two-year term begins to run from the day the payments were regularized;
  • 36 months in the event of failure to pay some installments. The three-year term begins to run from the expiry of the contract or from the last update;
  • positive reports, ie those that certify full compliance with payment deadlines, remain visible for 3 months starting from the termination of the relationship, the expiry of the contact or the first subsequent update to these dates.

On January 1, 2015, the code of ethics and good conduct for credit information systems came into effect, which provides clear guidelines to protect the subjects registered.

Credit Limit Instead Of Cash Loan?

Banks are increasingly advertising a credit limit, withdrawing from the aggressive promotion of cash loans. What can customers mean to us? Which of the two solutions is more beneficial and can you talk about any alternative at all? In this article, you’ll surely find answers to the most important questions related to the choice between a credit limit and a cash loan.


What is the credit limit?

What is the credit limit?

Credit limit, in principle a revolving loan, because that is the correct name of this product, it is a specific type of cash loan for any purpose. The loan amount is made available in the borrower’s bank account balance and can be used in the same way as all funds on the account.


Reminder – what is a cash loan?

Cash loan – to put it simply, it is a small amount of loan, granted with unmodified formalities and possible to be used for any purpose chosen by the borrower, but it does not have to be accepted by the bank.


Analysis of differences

renewal of the loan

The first difference that results directly from the name of both products is the renewal of the loan. Cash loan is a one-time use product. The borrower receives a certain amount once at his disposal, and then deals only with the repayment of the loan. After settling all amounts due, the credit agreement automatically expires. In the case of a revolving loan, the fixed amount is available at all times, of course the condition is that the borrower repays the previous loan. Each deposit on the account automatically reduces the amount of debt and increases the amount of the credit balance that can be used.

As for the cost of both solutions, it is more or less similar, however, depending on the offers being compared, one option is more advantageous – each bank has its own rules here and it is difficult to clearly indicate. Banks often use promotional offers, so choosing, you need to know the current proposals of banks to choose the one that is the most advantageous price.

The convenience of using is definitely an indication of a revolving loan. However, I have set up here that you are a disciplined person to take out loans only when your situation permits. A revolving loan creates the threat of increasing the threat of indebtedness just because of the convenience of using – money is always at your disposal – you only need one positive decision to have it always at hand. In the case of cash loans, the convenience is smaller, because you must apply for each loan separately and in the event of a deterioration in your creditworthiness, you simply will not get a loan.

One more thing remains to be considered – the amount of the loan. Due to the aforementioned ease of use, a revolving loan is usually lower than a cash loan. Most banks grant credit limits in the amount of PLN 500, while cash loans for such low amounts are virtually impossible to get. On the other hand – each bank offers a cash loan of PLN 10,000, but getting a credit limit is not an option.



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The credit limit and cash loan are products that are not really alternative to each other. There are many differences, and if in your case you can use both forms of financing, their similarity results only from the specificity of your needs. Both the contracts and the operating principles of both products are too different to be considered as alternative solutions and even indicate a universal solution.

Payday Loan, What It Is And How To Obtain It

The Payday Loan is an economic benefit provided by BGI Finance to all those people who have a working capacity that has been reduced to less than one third due to an illness of mental or physical origin. But who is it for? What are the requirements of the current legislation? And how to request it? We try to learn more about this important form of support for all those who suffer from significant disabilities.


Beneficiaries of the Payday Loan

According to what is stated in the current legislation on the subject, employees, autonomous workers and members of some substitute and supplementary pension funds of compulsory general insurance are entitled to the Payday Loan.

In addition to the above, in order to profitably request the check , the worker must have undergone a reduction in his working capacity to less than one third due to illness or physical or mental defect, and having at least 260 contributions weekly (equivalent to 5 years of contributions and insurance), of which 156 weekly contributions (or three years of contributions and insurance) in the five years preceding the date of submission of the application for obtaining the Payday Loan.

Please note that in order to obtain the Payday Loan no termination of employment is required.


How to apply for a Payday Loan

The request for the Payday Loan, as is the case for other claims for indemnities by BGI Finance, must be made only electronically, through three different alternative channels:

loan request

  • Web: the interested party can proceed with access to the telematic services accessible via PIN code through the institute’s portal.
  • Patronages and other intermediaries : through the telematic services offered by the same bodies.

In any case, whether the interested party contacts the web, the contact center or the patronages, it will be necessary to provide adequate and ample medical certification, to be attached to the request.


When the Payday Loan is recognized

The Payday Loan starts from the first day of the month following the presentation of the application, provided that all the requirements (of a health and administrative nature) that are required by the current legislation are met.

In this regard, BGI Finance recalls that the disbursement of the Payday Loan is perfectly compatible with the work activity, and is valid for three years. By the expiry date, the interested party may request confirmation of the application submitted: after three consecutive awards, the Payday Loan will be automatically confirmed and, upon completion of the retirement age, and subject to confirmation of all the requirements, is automatically transformed into an old-age pension.


What is the amount of the Payday Loan

The amount of the Payday Loan is determined with the mixed or contributory system, depending on whether the worker started work after December 31, 1995 (contributory) or not (mixed, with a quota calculated with the pay system and a quota with the contributory system).


How to get more information

If you wish to have more information on the request for the Payday Loan , we advise you to contact the National Social Security Institute directly, through the offices closest to your place of residence, or by telephone contacts that can be consulted freely on the website BGI Finance.

On the same site of the National Social Security Institute you will also find a page dedicated to the Payday Loan, which we advise you to read before proceeding to fill in the forms requesting the Payday Loan.