How to build an emergency fund

[SMS91]

I have been trying to build an emergency fund for a while, but every time I put money into it, I end up using it for non-emergency purposes or investing it. Every investment guru talks about the importance of having a 3 to 6-month emergency fund. How do you guys start building an emergency fund? What are the best strategies to build one?"

 

[moneyMaker]

M A B .

 

[aayusharyan]

I have been trying to build an emergency fund for a while, but every time I put money into it, I end up using it for non-emergency purposes or investing it. Every investment guru talks about the importance of having a 3 to 6-month emergency fund. How do you guys start building an emergency fund? What are the best strategies to build one?"

For example, when I got my home loan, I ensured I paid 3x EMI. 1 was regular and 2 I kept as 2 separate FDs, after 6 months I had 12 FDs which gave me 1 year of safety net for my home loan expenses.
.
And I am glad I did, because when I moved houses, I had to setup everything from scratch and was literally living paycheck to paycheck for about 4-5 months, that time I used those FDs to pay for the EMI, I am grateful to this day that I made that choice.

 

[helloworld]

I have been trying to build an emergency fund for a while, but every time I put money into it, I end up using it for non-emergency purposes or investing it. Every investment guru talks about the importance of having a 3 to 6-month emergency fund. How do you guys start building an emergency fund? What are the best strategies to build one?"

If you're unable to control and not able to keep away touching that amount its very difficult to provide any suggestions. because its in your hand and you have to keep this as expense rather some money kept somehwere to be used for non-emergency purposes.

maybe, not sure will it work or not.. transfer money to your mother/wife/someone who lives with you account or open new one on their name (this person shouldn't care this account), and keep their mobile number. And every month transfer whatever you're going to keep in that account using account details, not through UPI (I think most UPI apps allows you to transfer using accunt nubmer).

Do not activate UPI, do not install app anywhere (login through netbanking, so that its not in your hand), but makesure no unwantaed deductions happening in that account once in a while.. just to be safe.

But again, its all depends on how well you control and keep away this amount.

 

[Riya Sharma]

I have been trying to build an emergency fund for a while, but every time I put money into it, I end up using it for non-emergency purposes or investing it. Every investment guru talks about the importance of having a 3 to 6-month emergency fund. How do you guys start building an emergency fund? What are the best strategies to build one?"

Put all of your money into USDT/USDC and stake it. You will get around 7-9% APY. And the redemption process will take you at least 15 minutes and no UPI/IMPS so your impulse to spend won’t win over you.

 

[0xfallup]

Put all of your money into USDT/USDC and stake it. You will get around 7-9% APY. And the redemption process will take you at least 15 minutes and no UPI/IMPS so your impulse to spend won’t win over you.

lol , don't let him get rekt

 

[Riya Sharma]

lol , don't let him get rekt

Why do you say that? Keeping your money in USDT would be as safe as if not safer than making a FD in a bank like AU or Indus.

 

[0xfallup]

Why do you say that? Keeping your money in USDT would be as safe as if not safer than making a FD in a bank like AU or Indus.

better options and we are in india , too much hassle and it will be taxed 30% flat and tds .... jab chiz asan hai padi hai toh kyu khud complicate karna teesre jagah jake

 

[Riya Sharma]

better options and we are in india , too much hassle and it will be taxed 30% flat and tds .... jab chiz asan hai padi hai toh kyu khud complicate karna teesre jagah jake

I don't pay taxes on any of my crypto shit. You shouldn't either. I would have to pay 50-60 lakhs in taxes if I did.

 

[0xfallup]

Why do you say that? Keeping your money in USDT would be as safe as if not safer than making a FD in a bank like AU or Indus.

one statement from SEC about usdt/usdc (everything is politics there just have a look at CZ rn in jail ) ... peeps will be scared af

 

[Riya Sharma]

one statement from SEC about usdt/usdc (everything is politics there just have a look at CZ rn in jail ) ... peeps will be scared af

but in a way OP does want to make it difficult for himself to access the money quickly so this could be a viable option, as FD you can redeem instantly but with crypto you have to take at least 15-20 minutes.

 

[0xfallup]

I don't pay taxes on any of my crypto shit. You shouldn't either. I would have to pay 50-60 lakhs in taxes if I did.

The walls have ears, better think before you throw that shoe.

 

[0xfallup]

but in a way OP does want to make it difficult for himself to access the money quickly so this could be a viable option, as FD you can redeem instantly but with crypto you have to take at least 15-20 minutes.

the thing is inner control , no external factor can affect it

 

[Riya Sharma]

the thing is inner control , no external factor can affect it

It can prolong the time and energy required to make the wrong choice though. If you have 15-20 minutes to think about something, the likelihood of you making the right choice is much higher.

 

[0xfallup]

It can prolong the time and energy required to make the wrong choice though. If you have 15-20 minutes to think about something, the likelihood of you making the right choice is much higher.

how much long you can prolong , even the tinnest thought will be bottled up and eventually it will blast ... better to make peace with yourself

 

[Riya Sharma]

Yeah OP might as well just do 100x shitcoin futures with all of his funds. It is a win-win situation as if he loses it all he won't have to worry about emergency fund as every day will be an emergency and if he becomes a millionaire he won't need to think about saving anymore.

 

[0xfallup]

Yeah OP might as well just do 100x shitcoin futures with all of his funds. It is a win-win situation as if he loses it all he won't have to worry about emergency fund as every day will be an emergency and if he becomes a millionaire he won't need to think about saving anymore.

yeah that's the OG spirit , give some good shitcoins in DM if you have any eyes on or insidoorrrr

 

[m4b]

eyes on or insidoorrrr

I am listening!

 

[PrinceHeart]

Buy a really expensive antique gullak. That way, you wont be tempted to destroy it to get the money out for non-emergency purposes.

 

[rafzy]

I read thru hoping to get a proper response from someone on the 'how'... As im in the same boat. Not able to save since i dont have a proper strategy or plan on saving.