Have you ever imagined to plan for an unexpected emergency/crises that might need a immediate cash at your hand? Yes, the unexpected crises like any kind of medical emergency or your job loss or any financial crises, which disturb your routine life, your current situation. In that kind of crises the fund you saved for emergency, save you from the financial crises, provides you composure and strength to face the crises.
Now how to build your emergency fund, save a significant amount of money that you feel you can save on the basis of evaluation of your family income and you and your family needful expenses. When you calculate the amount of money you can save, save it in every short period like in every month. Don't wait for a lump sum amount to save. Regular small saving with lump sum amount would me the better option for raise fund for Emergency. Avoid extra inexpedient expenses and add that money to raise your Emergency Fund.
Now next question arises where to keep this fund so the fund must be easily accessible and grow with time, so don't keep it at home. Invest this money very safely, save it to saving bank account of reputed banks which offers higher rate of interests is a better option. A flexible bank account and saving options to withdraw money without any penalty and earn a FD interest rates on your deposited money, for example ICICI Bank's iWish kind of thing is a good option. Invest in Gold and Silver, buy Gold/ Silver Coins and Bars are good options, buy them when price is low. Gold is always good for long term investment, gives a better price return over the year and easily sold when ever you have emergency/crises.
Invest in Mutual funds only when you have knowledge of it or in the supervision of a knowledgeable person.
As I have already told your emergency fund, save you from financial/medical or any kind of crises/emergency with composure and strength to face the crises/emergency and concentrate on the crises/emergency, instead of arranging fund and borrowing money at higher rate of interest from other sources.
If you never imagined about Emergency Fund for You and your Family, then start planning now.
#Money #Savings #EmergencyFund #Family #Emergency #Crises #MoneyCrises #FinancialCrises #MedicalCrises #MedicalEmergency
Now how to build your emergency fund, save a significant amount of money that you feel you can save on the basis of evaluation of your family income and you and your family needful expenses. When you calculate the amount of money you can save, save it in every short period like in every month. Don't wait for a lump sum amount to save. Regular small saving with lump sum amount would me the better option for raise fund for Emergency. Avoid extra inexpedient expenses and add that money to raise your Emergency Fund.
Now next question arises where to keep this fund so the fund must be easily accessible and grow with time, so don't keep it at home. Invest this money very safely, save it to saving bank account of reputed banks which offers higher rate of interests is a better option. A flexible bank account and saving options to withdraw money without any penalty and earn a FD interest rates on your deposited money, for example ICICI Bank's iWish kind of thing is a good option. Invest in Gold and Silver, buy Gold/ Silver Coins and Bars are good options, buy them when price is low. Gold is always good for long term investment, gives a better price return over the year and easily sold when ever you have emergency/crises.
Invest in Mutual funds only when you have knowledge of it or in the supervision of a knowledgeable person.
As I have already told your emergency fund, save you from financial/medical or any kind of crises/emergency with composure and strength to face the crises/emergency and concentrate on the crises/emergency, instead of arranging fund and borrowing money at higher rate of interest from other sources.
If you never imagined about Emergency Fund for You and your Family, then start planning now.
#Money #Savings #EmergencyFund #Family #Emergency #Crises #MoneyCrises #FinancialCrises #MedicalCrises #MedicalEmergency
