If 2020 has taught us anything, it’s that you should always have an emergency fund. Here are our top 3 things you need to know about emergency funds:
1. It really is necessary
No matter what your financial situation is, it’s essential that you put some money away for emergencies. By having an emergency fund, you’ll have less financial stress during difficult situations. Whether it’s taking your car in for a service, paying for medical bills, or having enough money to use if you’re looking for a new job.
2. How much should you save?
How much you save is really your own decision. But we recommend you save enough money to cover up to 3-6 months’ worth of expenses. That way, you’ll be better prepared for almost any emergency.
3. It’s easier than you think
When you make a priority of it, it’s much easier than you think. There’s this saying ‘pay yourself first’ and that’s the secret to success here. Once you receive your monthly income, immediately put money aside into your emergency fund. Then you know it’s done and you won’t accidentally spend it. Plus, it’s super rewarding to see your fund growing. TIP: With Go & Grow, you can set your goal amount and see how each payment and return gets you closer to your emergency fund goal!
Read more about this topic in our blog post.
Remember to subscribe to our YouTube channel for more videos, keep investing and bye for now.
As with any investment, your capital is at risk and the investments are not guaranteed. The yield is up to 6.75%*p.a. Before deciding to invest, please review our risk statement or consult with a financial advisor if necessary.