Why is it important to have an emergency fund account?
A sufficient amount of funds should be kept aside, depending on the financial capacity of individuals and their family requirements
You may need an emergency fund because your income may reduce overtime due to uncertainties
Do you need an emergency fund account? Aren’t you doing fine for now, without it? The covid-19 pandemic has taught us that an emergency can happen anytime, at any point in one’s life. While covid is one such example, many other unforeseen circumstances can occur in the lives of individuals. Indraneel Chatterjee, Co-founder, RenewBuy, said that emergency funds are of utmost necessity in anyone’s life. It can help individuals in case of an unprecedented event like job loss, medical expenses, critical illness, etc.