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Emergency fund is useful in bad times, know how to prepare it for future

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new Delhi. If you have created an emergency fund, then you can easily get out of difficult times and your future investment will also remain. Therefore, along with all the savings and investments, you should also make such arrangements so that you can easily come out in the event of loss of income due to any illness or accident, loss in business or any other way.

Just like you do financial planning for the future and in the same way, emergency fund should also be created. Now the question comes that how much should be the emergency fund and how should it be prepared.

plan like this
Just as you invest some part of your earnings in future plans on normal days, similarly some part of your earnings should be deposited for emergency also. While preparing an emergency fund, keep in mind that this fund should not be used for any other need.

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Emergency fund at least 6 times of monthly salary
The emergency fund should be at least 6 times the monthly salary. You should save your 6 months earnings for an emergency fund. If you earn 50 thousand rupees a month, then you should have an emergency fund of at least 3 lakh rupees. This fund should be separate from your savings and investments.

Deposit emergency fund like this
The emergency fund should be invested in such an option from where you can easily withdraw it. The emergency fund can be in the form of cash or in the form of a savings bank account. You can also keep emergency funds in Liquid Mutual Funds. You can also create an emergency fund in Fixed Deposit (FD) or Recurring Deposit (RD).

You can divide your emergency fund into three parts. It can be divided into ultra short term, short term and medium term. You can also invest in debt funds. Keep increasing the emergency fund that you have prepared over time.

Tags: investment and return, Investment tips

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