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How much of your income should be allocated for emergency purposes.
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[QUOTE="Rachael, post: 244268, member: 68963"] The fact is that it is called emergencies, this is because no one plans for it or expects any negative occurrences to happen. For instance, someone might be involved in a fatal accident and as such, it demands a lot of money or to even fly the victim to another country for proper treatment. All these has to do with a lot of money to make it possible. The act of saving money is very important but there is no money that can be enough for emergencies because it is an unforeseen event. Well, for me, saving is just the best way out. Ensure to dedicate some amount of money to your saving account and try not to touch it except for emergencies. There are people who have different bank account for different purposes and as such, they are very mindful with the way they spend. At least 10% of our income should be saved either in a weekly or monthly basis. There is a friend who saved money for emergencies situations and when there was no urgent need, he used the money to purchase a land, and after some weeks, his mother fell ill and passed away, he quickly had to resale the land to aid in the funeral rites. [/QUOTE]
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How much of your income should be allocated for emergency purposes.
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