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Time taken to double money: N. It helps you to avoid taking an additional financial burden, without the clarity of how you would pay it back.

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How big should it be? The size of the fund would depend on several factors such as your income, lifestyle, and number of dependents, existing debt, and so on. If you are a family with kids and only one earning member, the amount should ideally cover your expenses for 12 months.

Your essential expenses are basically expenses that are required for day-to-day functioning. Do OTT subscriptions such as Netflix make the cut as essentials? Maybe yes, maybe not. Include all such expenses that you consider essential when arriving at a number.

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Variable expenses: Grocery, medicines, electricity, gas, travel, phones bills, internet, and other incidentals. It goes without saying that frugality is the key to surviving urgent earnings on the Internet emergency.

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Hence, spending on clothing, dining out, subscription to a gym, etc. To simply put it in numbers, say, for example, your monthly living expenses amount to Rs 40, Your emergency fund should be anything between Rs 1.

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Remember, this number really depends on your family situation. An emergency fund of a young and single earner will look a lot different from that of a single income family with two school-going children. How to build an emergency fund?

Waiving tariffs on certain medical goods We are waiving tariffs on certain medical goods, including PPE such as masks and gloves. This will reduce the cost of imported PPE for Canadians, help protect workers, and ensure our supply chains can keep functioning well. Business owners can apply for support until March 31, through their banks and credit unions.

Putting aside a couple of lakhs may seem like a gargantuan task, but with a little planning, financial prudence, and a step-by-step approach, you can easily get there. Here are some quick tips on how to get the ball rolling: Set a monthly goal: Once you decide the amount that works best for you, stagger your goal into smaller palatable monthly deposits.

This puts you into the habit of saving and makes the task a lot less daunting. Use a separate account: This should be parked with the principle of out of sight, out of mind — this way you are unlikely to get tempted to spend that money. Ideally, park the money in short term debt funds known as liquid mutual funds.

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More on that later. If possible, automate the transfer so that your savings are taken care of on a priority. Trim your expenses: Reigning in on the non-essential expenses mentioned earlier will allow you to get to your saving goals quicker, and maybe even increase the monthly allocation. Instead of eating out on a weekly basis, cut it down to one or two outings a month, watch movies at home, limit non-discretionary online shopping, etc.

Reallocate lumpsum receivables: Have you received a bonus urgent earnings on the Internet work, got a tax refund, or an envelope from an aunt on your birthday?

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Set aside a small amount to enjoy yourself, and allocate the rest to your emergency fund. Adding any windfall gains can really help fast-track your goals.

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How to manage an emergency fund? Just saving up some money is not enough.

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Just as you strategize to save for the goal, you need to have a plan for its deployment and use. There are three crucial aspects to additional income internet at when deploying an emergency fund: security, accessibility, and liquidity.

Security: The money in this fund is to help you through a tough situation; hence, you cannot deploy it anywhere where there is risk of capital how to close an option position in the short term. Accessibility: Most emergencies strike fast. If you do not have timely access to your emergency fund, it is pointless.

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Ensure that the funds are conveniently accessible so that you can take care of immediate expenses. Liquidity: Liquidity refers to how quickly your investments can be converted to cash. Keeping these factors in mind, you can try the method for deploying your emergency fund.

Keeping too much cash is not recommended from a safety point of view. Additionally, over a period of time, idle cash loses its value due to inflation and rising cost of living.

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It takes away the risk of spending the money and the funds will earn a small interest on the savings bank account. Both these debt instruments have minimal risk, and they are highly liquid, too.

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Liquid mutual funds have a small advantage over bank deposits. The entry barrier for liquid funds is low. Most banks would need close to 10, to get started with an FD. Additionally, these funds tend to offer higher returns than standard bank deposits, allowing you to at least match inflation if not beat it. Lastly, your bank may levy a premature withdrawal penalty on the deposit, but there is no such cost associated with liquid funds.

To sum up, an emergency fund can make a world of difference in times of a crisis and prepares you against financial setbacks.

How to build an emergency fund: A step-by-step guide

Remember, like any other financial goal, your need for an emergency fund is going to be dynamic. Which means if you add a family member, or upgrade your lifestyle, your emergency funds need to reflect the proportionate change in expenses.

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Finally, use the money judiciously — only when you really need it. Prateek Mehta is co-founder of Scripbox, a mutual fund fintech firm.

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Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www. Read More News on.

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