Emergency Fund to the Rescue — Women a Moment!
Sometimes, the uncertainty leads to suffer in the rainy days, so it’s better to save (both men and women). Emergencies come unannounced, so no drum roll and alas! It’s time to take the blow. No offense, but women must be extra cautious whilst planning their personal finance (including emergency fund) to keep them tension free in dealing with any juncture. However, women depend on their husband/parents to manage their finances, daily expenditure, and what not! This must be changed. With job losses and divorces becoming a common feature today, therefore, women should be pro-actively involved in managing their personal and home expense(s) all by herself by creating an emergency fund.
Whether you are single or married, you must have an ‘emergency fund’; it helps you bail out in strong times, especially when there is the uncertain death of the spouse; If emergency fund is around you can sail through these situations till the insurance payments and other transfers take place. On the other hand, a married woman needs an emergency fund to deal with divorce, job loss, etc. Not to miss, the emergency fund also comes to the rescue when your salary is delayed, and you are come up with the deadline of all your investment payments.
Women you can park your Emergency Funds here:
· Fixed/Recurring Deposits: You can open Recurring or Fixed Deposit with your Savings account; this is a popular platform to store and cash and of course easy to operate. It enables you to invest a specific amount periodically (or every month) that ends up earning high interest as compared to a savings account.
· Savings Account: Its easy operation and accessibility make savings bank account a reliable option to save money for an emergency. The interest rate varies according to the bank and keeps a check on their minimum withdrawal amount.
· Liquid Mutual Funds: These are debt mutual funds whose tenure is for (exact) 91 days. These come with no exit loads or lock in period and can be redeemed with an ease in less than 24 hours. However, they are invested with a short maturity period, the interest will be low as compared to other (debt) funds.
Ladies! Gear it up with emergency funds and enjoy your financial freedom.
*Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing.