How much should you save for an emergency fund
What is an emergency fund?
An emergency fund is a separate savings or bank account used to cover or offset the expense of an unforeseen situation.
Emergency funds are funds that suppose to be used for unforeseen circumstances and not for another thing such unexpected job loss, sickness etc .
How much will be needed to save for an emergency fund
From my own point of view since it is an emergency fund it should a continuous savings and not be pegged at a certain amount because we can’t say when an unexpected happenings may occur or may be simultaneously occurring so as not to debt it is good to always put certain amount of money into the emergency fund.
Just imagine you had an health issue and it requires a lot of money or let say your vehicle develop a fault or an accident and requires to be repaired urgently such money can be used and if you are the type that save emergency fund for a certain period which are you going to use to cater for rest unexpected situation.
When saving for emergency funds you could save it every week or month depending on your income and how it comes .
Emergency fund should have a specific amount or be pegged at an amount, it should be continuous even if it is small amount of money.
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