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What is emergency fund and uses
- Thread starter Santhosh
- Start date
The funds we need in emergency situation.
If there was a medical/health issue, we need funds to pay the bills, all the things are not payable by insurance company
All of a sudden we are fired from the job, atleast at that time to sustain we need funds.
Even for things like mobile, home appliances, clothes, vehiclesetc. If there was a break down/theft of things. We need funds to get new ones or to repair.
Even for the events like marriage, functions. We know how people in India waste funds for these events. I think for this there is no direct loan feature too.
Even for Education, it may be us or children. We can not take loan all the time and emi's for years.
Be COVID19, Genz people never maintains savings, as they used to clear up their 99% of income for useless things in the life including me.
Note:
* Having Owned home, makes easy life becuase we no need to pay rent all the time and sustain life with wages what we get.
* Taking home loan is different because property value most of the time doesn't decrease with the time.
* Do not take loans for every things like mobile or for non sense things. You need bike, mobile because they are necessary for the job or work life then fine but taking iphone or royal Enfield might make life horrible.
Note:
• Unsecured Credit balance are not treated as emergency funds. Just if we have credit card means we no need to withdraw any investment or sell any property. Simply we can swipe in the hospital.
• Emergency Funds can be maintained as Fixed Deposits, Gold etc.
If there was a medical/health issue, we need funds to pay the bills, all the things are not payable by insurance company
All of a sudden we are fired from the job, atleast at that time to sustain we need funds.
Even for things like mobile, home appliances, clothes, vehiclesetc. If there was a break down/theft of things. We need funds to get new ones or to repair.
Even for the events like marriage, functions. We know how people in India waste funds for these events. I think for this there is no direct loan feature too.
Even for Education, it may be us or children. We can not take loan all the time and emi's for years.
Be COVID19, Genz people never maintains savings, as they used to clear up their 99% of income for useless things in the life including me.
Note:
* Having Owned home, makes easy life becuase we no need to pay rent all the time and sustain life with wages what we get.
* Taking home loan is different because property value most of the time doesn't decrease with the time.
* Do not take loans for every things like mobile or for non sense things. You need bike, mobile because they are necessary for the job or work life then fine but taking iphone or royal Enfield might make life horrible.
Note:
• Unsecured Credit balance are not treated as emergency funds. Just if we have credit card means we no need to withdraw any investment or sell any property. Simply we can swipe in the hospital.
• Emergency Funds can be maintained as Fixed Deposits, Gold etc.
Last edited:
