The advice mentioned, in my opinion, would only be suitable for people with no home mortgage.

If you are a homeowner with a mortgage, incorporating a HELOC will replace the need for an emergency fund or cash balances in a chequing account.

All cash inflows should be directed toward the HELOC and all subsequent expense payments made out of it.

Manulife Bank One works very well ( there are a couple others) and is a perfectly efficient cash flow management tool for people carrying a mortgage balance.