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Building a Cash Cache

Saving for a rainy dayFor years, financial experts have advised home buyers to sock away emergency savings. Most advisers view contingency funds as a prerequisite to getting a mortgage.

You might be surprised then, at how many Canadians mortgage holders don’t have them. We were. (Although we probably shouldn’t have been.)

This week’s Globe column looks at emergency savings funds and their alternatives. It turns out that cash in the bank isn’t the optimal backup plan for everyone.

More via:  The perils of home buying without a rainy-day fund