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How much of our income should be for emergency purposes.
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[QUOTE="Mika, post: 263122, member: 29399"] I have a simple budgeting rule. I use the rule of 50/30/20, where I spend 50 percent income on my essentials such as rent, food, fuel, bills, etc. I use 30 percent of my income for my wants such as buying new pair of sneakers or saving for a vacation or a new phone, etc. I save 20 percent of my income. I save it in a normal saving account and when the money accumulates, I move it to high-yield saving accounts such as fixed deposit bank accounts. I don't keep my entire money in my saving accounts, I also invest. Sometimes when the money I have for my wants becomes surplus, I also use that money for my investment. I don't have emergency funds, but I have my money in saving accounts, and in emergency situations, I use that money. For example, when I lost my job, I use my savings to pay bills. [/QUOTE]
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How much of our income should be for emergency purposes.
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