Life is always full of surprises, which sometimes make us spend more than the usual months. Therefore we must always provide what is called the emergency money.
What is Emergency Money ?
Emergency money is money that you save for the costs when an emergency happens to you and your family, not as a savings or investment.
How Much or Big ?
How much should you save for emergencies? You decide how much or how big the emergency money, it might 2x or 3x your salary. The original idea for the 2x or 3x your salary was the fact that most short-term debilitating illnesses require 2 months until 3 months for healing and recovery.
What Emergency Money Need For ?
You can use the money for emergency expenses such as costs of healthy care, accident, disability or death which you do not have any budget for it.
Make sure you own sufficient cash to pay all your bills and cover the common expenses you have budgeted for each month. And ensure your emergency money is ready to use for emergency situation.
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