Saving Money How should you save for an Emergency?

[raaman]

Those with irregular or commission-based incomes may want to save more amounts, like six to twelve months' expenses, since their income can vary widely. If you are single or the sole breadwinner for your family, erring on the higher end of the three to six month range provides more protection. Don't shortchange your emergency fund to pay off debt faster.


The emergency savings initiative should take priority over extra debt payments. The exact number depends on your specific situation, but most financial planners advise having a dedicated emergency fund that can cover basic costs for several months ahead of time if your income is disrupted. Therefore, building it up over time provides important financial security for you and your family.

 

[SHAHID123]

Saving for emergency is one of the most important requirement. Specially during these days we need to save some money and not only save but make sure it's availability at home. Sometimes I found it difficult to take out money from bank as mostly their internet remain out of order or they give excuses about lack of money at bank. After passing these types of tough times, I started saving money at my home, and whenever we faced any difficulty I just take it and use it. Emergency always remain emergency and it may strike with us at any time so we must remain prepared for it.