The "Oh My God" Situations Of Life
Life is like that roller coaster ride which brings along with it many twists and turns wherein one mishap can derail the entire life. Mishaps can and do happen and that is the time when you wonder if you could foresee the future and prevent the unfortunate.
INSURANCE IS A GLUE THAT HOLDS THE PLAN TOGETHER
Having a Cover is not enough.
Buying an insurance is often treated as a customary by people. For the sake of having insurance, people end up buying inadequate protection for themselves and their loved ones. But what is often overlooked is “would this be enough to fight the mishaps”?
Falling short of money when you need it the most is devastating. And what if, you fall short of money in these “Oh my god situations of life”? Can't imagine!
It's Time for an Emergency Bucket
It's best to have a separate fund to cater emergencies. But what should it look like? How big should it be? Should you open a separate bank account or keep some cash reserves? The answer is Have a Liquid Fund. Liquid Fund is a new age financial tool and by far one of the best tools to build an emergency fund. Just like your savings account, liquid fund offers you the ease to deposit or withdraw money any time and offers more return than your Savings Account.
Once you have it, make sure it is equivalent to 3-6 months of your monthly expenses. Thinking how would you save it? Set up automatic monthly transfers from your account to liquid fund till you reach the desired goal. Remember, in emergencies we don't fund vacations, new clothes or gadgets when your bank account does not let you do so.
Save whatever you can, even if it isn't much Someday you'll be glad you did!!
