build an emergency funds

Why you need to know this: If you ever lose your job, and happen sudden accidents find yourself in some sort of another financial emergency, you’ll need some cash to get you through the bad time’s situations. we lose our jobs, our computers die,  sick, our families need us to fly home due to an emergency — and the thing that can make that stressful instant more bearable is money to get you by. It’s stressful! You know what makes it less stressful? Having an emergency fund to count on when you’re pressed for cash. Because our lives can change in an instant — 

You don’t want your emergency fund to be a credit card because that is a one-way ticket to falling into a big black hole of never-ending debt. You don’t want your emergency fund to be your parents or your significant other or your best friend. That’s a pretty heavy burden to put on people you love, and you don’t want to ruin a relationship later because you’re fighting about money. Almost half of all adults in this country do not have more than 10,000 in savings. With no savings, this means taking out debt to fund

This is the very bare minimum amount you want to have saved for emergencies. Between three to six months of living costs – mortgage/rent, bills, ration, necessary transport costs

Saving is hard, yes, of course. People who know how to save and can amass six months worth of living expenses or more (which is generally what financial advisors suggest) are a very special breed. Because, as we know, the most common breed of people are those who never save and like to live beyond their means.

So if you are starting an emergency fund,

I am not going to tell you to save six months worth of expenses. I am going to tell you to save Rs 2000. And once you do that, I am going to tell you to save Rs 5000. And if you can do that, I am going to tell you to save 10,000. And then I am not going to tell you how much you need to save anymore, because if you can save 10,000, you’ve learned to become that very special breed of person who knows how to save. You know how much your rent, utilities and groceries cost, so you’ll know how much you’ll need to fall back on when that dark day comes and your life changes in an instant

Here’s how to get started:

Set a GOAL

Setting a target that you need to save will focus you on getting there.

Work out how much you would need cover three months of expenses and make this your goal. If you are paying off debt, you should still aim to build up an emergency fund as this will help you avoid further debt in the future. In this case, start small and build as you pay your debt off.

If something happens that means you need to dip into your fund before it is completed, don’t change the goal. Just keep going until you reach your target.


You’re going to have to make some small sacrifices.

If you had spare cash lying about, you would likely have savings anyway. So, to find the money to build this emergency fund we are going to need to take a good, hard look at what you are spending your money on.

Take some time to go through your spending habits. Is there anything which you buy regularly which you could cut out? A gym membership that you just don’t use enough? Any forgotten subscriptions you’re paying for which you don’t need



The easiest way to make sure you stick to your plan is to take the effort out of it.

Firstly, set up a new savings account and nominate this as your emergency day fund. If your new saving bank account now  You have an emergency saving! Don’t you dare withdraw any of this money unless it’s a financial emergency? This isn’t for buying birthday presents or going on vacation. Set up separate savings account for those things. This account is for emergency purposes only


Bank account skimming is a simple technique that can help you save small amounts of money consistently.

It works like this. Say you have a balance of say Rs 2027.64 in your current account, you could round this down to a round figure of Rs 2027 by ‘skimming’ off 64p from your current account into a savings account. Some accounts don’t allow transfers under Rs 100 but in this case, if you can afford to, round down Rs 27.64 to Rs 2000

Try setting yourself a target of skimming once a week and see how much

the money you save with the 26 withdrawals to your savings account by this time in six months. the skimming of the account can be done in two  simple way manually or automatic saving


We all have things we don’t need. eBay, olax, quikr marketplace – they all make it so easy now to sell your unwanted items. This is such a simple way to find some spare cash without any sacrifice on your part, except finding some time for a clear out.

If you can afford to save more, this will be even better for you. Ultimately, what you save needs to be linked to your personal target. Get this clear in your mind and get going.


The best time to start is NOW.

Starting small with RS 250 a week would see you with Rs 7500 in emergency savings within six months. RS 20 a day would get you even closer to a Rs 4,000 target with 3600 saved. wildest dreams, the more you save, the more interest

Keep saving. Even if you’ve saved more than your you earn, and the more prepared you’ll be for anything that comes your way

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Deepanshu sharma

HI friends I am Deepanshu Sharma is the person behind COMINGBLOG.COM I share with you some extra personal finance tips and helping you become financially independent,

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