This is applicable to specifically to all private sector employees where jobs are not guaranteed. We advise all our clients who work in private sector to create emergency fund in case of sudden job loss.
The ideal emergency amount is equivalent to 6 months to 12 months of household expenses plus all existing EMI’s. When you have emergency fund is in place you would have sufficient breathing time to adjust with new financial situation and get sufficient time to look at new opportunities.
Your medical emergency should not be your financial emergency. You should have your own Term Life Insurance Policy/ Family Health Insurance Policy/ Personal Accident Insurance Policy / Home Insurance Policy in place.
Refer Term/ Health/ Accident / Home Insurance section for more information.
In case you do not have Emergency Fund in place, we will suggest you customized way to create the same in our first meeting.