How much to save in an emergency fund?

By BankBazaar | April 9, 2011

There is no specific amount as to how much should be saved for an emergency fund or otherwise known as a contingency fund.

Although it is very important  to have an emergency fund since it will help you to not depend on a personal loan or any loan to meet your urgent requirements. These debts can not only consume your time in availing them but also can become a huge burden on your pockets in future.

Mos financial advisors point out that the amount of the emergency fund depends on your personal need and your family circumstances. It is important to analyze foreseen emergencies such as health care or accidents. Even though it is not easy to define, you can sill aim to provide for the emergencies by taking adequate protection for yourself in the form of health insurance with a critical illness rider. This along with a term insurance and an accidental insurance policy will go a long way in providing you security.

Try to maximize your savings and determine a financial road map yourself or by taking help of a financial advisor.

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