{"id":1184,"date":"2020-08-30T12:07:36","date_gmt":"2020-08-30T12:07:36","guid":{"rendered":"https:\/\/www.cashvisory.com\/blog\/?p=1184"},"modified":"2020-08-30T12:07:43","modified_gmt":"2020-08-30T12:07:43","slug":"are-you-prepared-for-financial-emergencies","status":"publish","type":"post","link":"https:\/\/www.cashvisory.com\/blog\/are-you-prepared-for-financial-emergencies\/","title":{"rendered":"Are you prepared for financial emergencies?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1184\" class=\"elementor elementor-1184\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ac84dfa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ac84dfa\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8f1ed5e\" data-id=\"8f1ed5e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9f14777 elementor-widget elementor-widget-text-editor\" data-id=\"9f14777\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Imagine being struck by an unforeseen crisis &#8211; a medical emergency in the family, loss of job due to global pandemic or need for replacement of an old car that suddenly broke down, to name a few. What is your plan of action for these sudden major expenditures?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9084c10 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9084c10\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec598bc\" data-id=\"ec598bc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1fbdb0c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1fbdb0c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-157fb7c\" data-id=\"157fb7c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-774c5ec elementor-widget elementor-widget-text-editor\" data-id=\"774c5ec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">People handle these emergencies differently but there are serious caveats in almost all of them, except one. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9623977 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-phone elementor-widget elementor-widget-text-editor\" data-id=\"9623977\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol style=\"margin-top: 0px; margin-bottom: 0px;\"><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\"><p dir=\"ltr\" role=\"presentation\" style=\"line-height: 1.7999999999999998; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(255, 0, 0); background-color: transparent; font-weight: 700; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">I will borrow money from friends and family<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> &#8211; The first and foremost thought that comes to people\u2019s mind is to fall back on family and friends. While it could be a viable short term solution, it may cause financial burden on your loved ones, and in some cases strain personal relations.<\/span><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\"><p dir=\"ltr\" role=\"presentation\" style=\"line-height: 1.7999999999999998; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(255, 0, 0); background-color: transparent; font-weight: 700; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">I can take a loan from a bank<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">&#8211; This is another valid option to address some immediate concerns. However, personal loans of this nature have very high interest rates and are considered <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/debt-the-good-the-bad-and-the-grey-in-between\/\" style=\"text-decoration: none;\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(17, 85, 204); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: underline; text-decoration-skip: none; vertical-align: baseline; white-space: pre-wrap;\">bad<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: underline; text-decoration-skip: none; vertical-align: baseline; white-space: pre-wrap;\"> <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(17, 85, 204); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: underline; text-decoration-skip: none; vertical-align: baseline; white-space: pre-wrap;\">debt<\/span><\/a><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">. Hence, by the time you are done paying the loan, you would have paid a lot of money in interest cost.&nbsp;<\/span><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\"><p dir=\"ltr\" role=\"presentation\" style=\"line-height: 1.7999999999999998; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(255, 0, 0); background-color: transparent; font-weight: 700; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">I can liquidate my investments<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(0, 0, 0); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">&#8211; This is a precarious one as a lot of these emergencies, such as losing a job, might be linked to economic downturns or generally poor economic conditions. If you were to liquidate your investments during this time, you are likely to undertake significant losses.<\/span><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\"><p dir=\"ltr\" role=\"presentation\" style=\"line-height: 1.7999999999999998; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-style: normal; caret-color: rgb(0, 0, 0); background-color: transparent; font-size: 11pt; color: rgb(10, 184, 0); font-weight: 700; font-variant-east-asian: normal; white-space: pre-wrap;\">I have dedicated emergency funds<\/span><span style=\"color: rgb(0, 0, 0); font-style: normal; font-weight: 400; caret-color: rgb(0, 0, 0); background-color: transparent; font-size: 11pt; font-variant-east-asian: normal; white-space: pre-wrap;\"> <\/span><span style=\"font-style: normal; font-weight: 400; caret-color: rgb(0, 0, 0); background-color: transparent; font-size: 11pt; font-variant-east-asian: normal; white-space: pre-wrap;\">&#8211; This is the best approach to dealing with emergencies and can be done easily by setting aside funds in savings accounts, liquid fixed deposits or liquid <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/money-marketfund.asp\" style=\"font-size: 15px; font-style: normal; font-weight: normal; caret-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: &quot;Open Sans&quot;, sans-serif;\" target=\"_blank\" rel=\"noopener\"><span style=\"font-size: 11pt; font-family: Arial; color: rgb(17, 85, 204); background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\">money<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\"> <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(17, 85, 204); background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\">market<\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(93, 114, 128); background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\"> <\/span><span style=\"font-size: 11pt; font-family: Arial; color: rgb(17, 85, 204); background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\">funds<\/span><\/a><span style=\"font-style: normal; font-weight: 400; caret-color: rgb(0, 0, 0); background-color: transparent; font-size: 11pt; font-variant-east-asian: normal; white-space: pre-wrap;\">. <\/span><\/p><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d6a8af elementor-widget elementor-widget-text-editor\" data-id=\"2d6a8af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>1. I will borrow money from friends and family<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23e438d elementor-widget elementor-widget-text-editor\" data-id=\"23e438d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The first and foremost thought that comes to people\u2019s mind is to fall back on family and friends. While it could be a viable short term solution, it may cause financial burden on your loved ones, and in some cases strain personal relations.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11b818a elementor-widget elementor-widget-text-editor\" data-id=\"11b818a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>2. I can take a loan from a bank<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8055b1 elementor-widget elementor-widget-text-editor\" data-id=\"e8055b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This is another valid option to address some immediate concerns. However, personal loans of this nature have very high interest rates and are considered <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/debt-the-good-the-bad-and-the-grey-in-between\/\"><span style=\"font-weight: 400;\">bad<\/span> <span style=\"font-weight: 400;\">debt<\/span><\/a><span style=\"font-weight: 400;\">. Hence, by the time you are done paying the loan, you would have paid a lot of money in interest cost.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76b9de1 elementor-widget elementor-widget-text-editor\" data-id=\"76b9de1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>3. I can liquidate my investments<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df769ae elementor-widget elementor-widget-text-editor\" data-id=\"df769ae\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This is a precarious one as a lot of these emergencies, such as losing a job, might be linked to economic downturns or generally poor economic conditions. If you were to liquidate your investments during this time, you are likely to undertake significant losses.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc5169a elementor-widget elementor-widget-text-editor\" data-id=\"bc5169a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>4. I have dedicated emergency funds<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fbd012a elementor-widget elementor-widget-text-editor\" data-id=\"fbd012a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span id=\"docs-internal-guid-41dd403d-7fff-4323-b777-585cf637d3d2\" style=\"caret-color: #000000; color: #000000; font-style: normal; text-size-adjust: auto; font-weight: normal;\"><span style=\"font-size: 11pt; font-family: Arial; color: #5d7280; background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; white-space: pre-wrap;\">This is the best approach to dealing with emergencies and can be done easily by setting aside funds in savings accounts, liquid fixed deposits or liquid <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/money-marketfund.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-size: 11pt; font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\">money<\/span> <span style=\"font-size: 11pt; font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\">market<\/span> <span style=\"font-size: 11pt; font-family: Arial; color: #1155cc; background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; text-decoration-line: underline; white-space: pre-wrap;\">funds<\/span><\/a><span style=\"font-size: 11pt; font-family: Arial; color: #5d7280; background-color: transparent; font-weight: 400; font-style: normal; font-variant-east-asian: normal; white-space: pre-wrap;\">.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-02f69e1\" data-id=\"02f69e1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eb23d53 elementor-widget elementor-widget-image\" data-id=\"eb23d53\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"498\" height=\"858\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png\" class=\"attachment-large size-large wp-image-1185\" alt=\"\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png 498w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4-174x300.png 174w\" sizes=\"(max-width: 498px) 100vw, 498px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c2892c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c2892c6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c78c32c\" data-id=\"c78c32c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c0f9518 elementor-widget elementor-widget-heading\" data-id=\"c0f9518\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The right approach: Emergency funds\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a622da6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a622da6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-123ee76\" data-id=\"123ee76\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-385dbf1 elementor-widget elementor-widget-text-editor\" data-id=\"385dbf1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Having sufficient emergency funds is one of the first few steps to prudent financial planning. While it\u2019s advisable to start investing early to grow your wealth, it is essential that you build up your emergency reserve right at the beginning of your financial journey. This is critical to your peace of mind as well as to act as a financial cushion during unforeseen circumstances.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6abe872 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6abe872\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-919ebb1\" data-id=\"919ebb1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-00c66df elementor-widget elementor-widget-heading\" data-id=\"00c66df\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much emergency funds do I need?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a19763d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a19763d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-500c6d0\" data-id=\"500c6d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-606ea72 elementor-widget elementor-widget-text-editor\" data-id=\"606ea72\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Your emergency funds should typically cover 3-6 months of your expenses. The bottom limit of 3 months is deemed to be the bare minimum to take care of emergencies. On the other hand, anything above the upper limit of 6 months of emergency funds is considered too high. This is because emergency funds are typically low-yield-low-risk solutions such as savings and deposit accounts, which provide a safety blanket and are not catered to growing your wealth. As such, it is better to put the funds in excess of 6 months to work using high return instruments that can help you achieve your goals.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-059ac1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"059ac1d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dca1817\" data-id=\"dca1817\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c8b4c62 elementor-widget elementor-widget-image\" data-id=\"c8b4c62\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"975\" height=\"251\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image3-2.png\" class=\"attachment-large size-large wp-image-1187\" alt=\"\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image3-2.png 975w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image3-2-300x77.png 300w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image3-2-768x198.png 768w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ece45a5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ece45a5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4ea84c0\" data-id=\"4ea84c0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6bdab99 elementor-widget elementor-widget-heading\" data-id=\"6bdab99\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Where do I keep my emergency funds?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c848143 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c848143\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ef72916\" data-id=\"ef72916\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a2b1d5 elementor-widget elementor-widget-text-editor\" data-id=\"8a2b1d5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The general rule of thumb is low risk and liquid funds.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Low risk <\/b><span style=\"font-weight: 400;\">&#8211; Emergency funds should be kept in risk free or low risk options only. They shouldn\u2019t be impacted heavily by market fluctuations as that would subject you to incur losses if you need the money during a market downturn.<\/span><\/li><li style=\"font-weight: 400;\"><b style=\"font-style: inherit;\">Liquid<\/b><span style=\"font-size: 15px; font-weight: 400;\"> &#8211; These funds need to be immediately accessible during emergencies. Hence, having them in solutions with lock-in periods also defeats the purpose as you wouldn\u2019t be able to withdraw them as and when required.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5223087 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5223087\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cad8d23\" data-id=\"cad8d23\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-26bf677 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26bf677\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7a9c072\" data-id=\"7a9c072\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7d4a00 elementor-widget elementor-widget-text-editor\" data-id=\"e7d4a00\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The key solutions that fit the above billing are:<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Savings account<\/b><span style=\"font-weight: 400;\"> &#8211; This is the most common type of bank account which is completely liquid and makes withdrawals straightforward. The drawback is that they are generally low yield and <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/how-to-protect-your-savings-from-the-impact-of-inflation\/\"><span style=\"font-weight: 400;\">don\u2019t offset inflation<\/span><\/a><span style=\"font-weight: 400;\">. You could consider high yield savings accounts to reduce some of the impacts.<\/span><\/li><li style=\"font-weight: 400;\"><b>Liquid fixed deposit accounts<\/b><span style=\"font-weight: 400;\"> &#8211; This is a popular tool of savings. They are a great option for emergency funds as their yields are higher than that of savings accounts and usually close to the inflation rate. However, it is important to remember that the interest earned is still below the inflation rate and hence fixed deposit accounts are not meant to be an investment alternative.<\/span><\/li><li style=\"font-weight: 400;\"><b style=\"font-style: inherit;\">Liquid money market funds<\/b><span style=\"font-size: 15px; font-weight: 400;\"> &#8211; This is a category of mutual fund that invests in liquid, near-term instruments such as cash, <\/span><a style=\"font-size: 15px; background-color: #ffffff;\" href=\"https:\/\/www.investopedia.com\/terms\/c\/cashequivalents.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cash equivalents<\/span><\/a><span style=\"font-size: 15px; font-weight: 400;\"> and <\/span><a style=\"font-size: 15px; background-color: #ffffff;\" href=\"https:\/\/www.investopedia.com\/terms\/s\/shorttermdebt.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">short-term debt<\/span><\/a><span style=\"font-size: 15px; font-weight: 400;\"> securities with high credit rating. Consequently, these funds offer high liquidity with very low levels of risk and yields that are comparable with fixed deposits, thus making for another great option to build your emergency funds.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5dc22c0\" data-id=\"5dc22c0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62be7e8 elementor-widget elementor-widget-image\" data-id=\"62be7e8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"679\" height=\"733\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image2-4.png\" class=\"attachment-large size-large wp-image-1188\" alt=\"\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image2-4.png 679w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image2-4-278x300.png 278w\" sizes=\"(max-width: 679px) 100vw, 679px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-89e389f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"89e389f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dd567d3\" data-id=\"dd567d3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e9f2c57 elementor-widget elementor-widget-heading\" data-id=\"e9f2c57\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do I build my emergency funds?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-92ebb96 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"92ebb96\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e9b3ead\" data-id=\"e9b3ead\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a1beb5b elementor-widget elementor-widget-text-editor\" data-id=\"a1beb5b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Start with splitting your surplus into your insurance premiums, loan repayments, investments towards your goals and monthly contribution towards your emergency funds. While all these components are important in your budgeting, building your emergency reserves should not be compromised on for other expenses. Make sure that you are setting aside some amount into your solution of choice every month till you reach a healthy range equivalent to 3-6 months of your expenses. Once you are done building up your emergency funds, you can then direct the money towards investing for your goals.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Stay tuned for a holistic tool to help you plan your cash flow in the coming months and assist you in your financing planning journey.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4731cd2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4731cd2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-377ea00\" data-id=\"377ea00\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7606e60 elementor-widget elementor-widget-heading\" data-id=\"7606e60\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bottom Line\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-254fc27 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"254fc27\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c09cec1\" data-id=\"c09cec1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9eb964f elementor-widget elementor-widget-text-editor\" data-id=\"9eb964f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">It is critical that you have sufficient emergency funds to ensure unforeseen circumstances won\u2019t put you under undue strain and throw you off-track from your goals. This will help to build a strong foundation for your financial planning and enable you to focus on the next stage of investing towards your goals with peace of mind.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Imagine being struck by an unforeseen crisis &#8211; a medical emergency in the family, loss of job due to global pandemic or need for replacement of an old car that suddenly broke down, to name a few. What is your plan of action for these sudden major expenditures? People handle these emergencies differently but there [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expenses"],"uagb_featured_image_src":{"full":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png",498,858,false],"thumbnail":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4-150x150.png",150,150,true],"medium":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4-174x300.png",174,300,true],"medium_large":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png",498,858,false],"large":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png",498,858,false],"1536x1536":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png",498,858,false],"2048x2048":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/08\/image1-4.png",498,858,false]},"uagb_author_info":{"display_name":"Admin","author_link":"https:\/\/www.cashvisory.com\/blog\/author\/admin\/"},"uagb_comment_info":7,"uagb_excerpt":"Imagine being struck by an unforeseen crisis &#8211; a medical emergency in the family, loss of job due to global pandemic or need for replacement of an old car that suddenly broke down, to name a few. 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