Emergency Funds
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Hi
My friend advised me to keep some emergency funds on hand in case of unexpected circumstances. I am earning ₹25,000K per month. After all the expenses, I can save only ₹5k to ₹7k at the end of the month.
I have only one salary account, and I live with my parents. So, what is the process to save an emergency fund?
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To create some emergency funds, you can use the feature of auto-debit savings, which means some amount of money is automatically deducted from your salary account to be transferred to some other high-interest savings account. Since you are living with your parents, try to save more money. You can also invest some money in some low-risk equity funds.