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How much of our income should be for emergency purposes.
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[QUOTE="Shaf, post: 263112, member: 25467"] If you want to determine how much to save from your income for emergency funds, it would be best to start from scratch and do your research about how much it would take to solve the most common emergencies around you. This will give an idea of what to work with, since everyone earns differently and we all have different budgets. It also depends on the type of emergency you want to save for. In my country, the most common emergencies are health related and since we have no insurance for majority of the citizens, the cost can be quite steep. An average income earner will have to save about 5% monthly for 2 to 5 years to get a decent amount. In some cases, some people go for health insurance instead. Considering that other emergencies may come up that are more expensive and you'll need t have moral savings account in addition to your usual expenses, one can increase the savings to 10% per month. [/QUOTE]
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How much of our income should be for emergency purposes.
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