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Summary: Creating an emergency fund early in life is a prudent decision. It ensures financial security, and lets you to manage unanticipated expenditures, without resorting to debt. Over time, the emergency fund helps you form a robust safety net. A good way to build this fund efficiently is by opening an IDFC FIRST Bank Savings Account.
Ever wondered what an emergency fund is? It is a stash of money set aside to cover up unanticipated expenditures of financial exigencies, such as four-wheeler repairs, medical bills, or sudden unemployment. The importance of emergency savings lies in offering mental peace, and financial security, ensuring you can manage unforeseen financial challenges without dipping into debt.
Holding an emergency fund ensures you are financially prepared for unanticipated situations. It serves as a buffer, safeguarding you from financial stress that comes with exigencies and enables you to maintain your living standard without resorting to credit cards or loans.
With an exigency fund in place, you can avoid heavy-interest debt. Instead of borrowing funds at exorbitant rates, you can utilise your saved funds to cover up contingency expenditures. This assists you to stay out of the debt cycle and maintain your financial health.
Knowing you have a financial cushion endows mental peace. You can concentrate on your regular life and long-term financial goals without continuously fretting about what may happen if a contingency arises.
Holding a contingency fund permits you to take benefit of investment opportunities without hampering your financial security. With a proper safety net in place, you can confidently invest your additional savings, knowing that you have a backup in the scenario of exigencies.
The emergency fund’s size depends on your monthly expenditures and personal financial scenario. Financial experts usually recommend saving six months’ worth of living expenditures.
For instance, if your monthly expenditures are Rs 50,000, aim for a contingency fund of around Rs 3 lakh. This ensures you can cover your crucial needs for several months in case of job loss or other exigencies.
Here are crucial steps to assist you choose the best Savings Account for your emergency fund –
Look for a savings bank account that offers high interest rates to enhance the growth of your exigency fund. Higher rates infer more earnings on your savings over time.
Consider accounts with zero or minimal fees. Note that financial institutions like IDFC FIRST Bank offer zero charges on commonly used Savings Account services, which can assist save more money.
Make sure the savings bank account offers easy access to your funds. Look out for features such as robust banking platforms, and unlimited ATM withdrawals that permit you to manage your bank account conveniently.
Consider those accounts that offer additional benefits such as expense tracking tools, monthly interest credits and customer support. Such features can assist you in managing your finances effectively.
When the question of “how to build an emergency fund?” comes up, make sure you begin with a clear goal. Ensure to determine the amount you require for your exigency fund and set clear savings goals. Break down the overall amount into monthly savings targets to ensure the process is manageable.
Set up auto transfers from your savings bank account. This ensures a portion of your income is constantly directed towards your exigency fund without requiring any conscious effort.
One of the essential financial security tips is identifying areas where you can cut back. Doing so can allow you to redirect the money saved from such expenditures into your contingency fund.
IDFC FIRST Bank endows an exciting high-interest rate, with monthly interest credits. This permits your exigency fund to grow faster, enhancing your savings.
With IDFC FIRST Bank’s intuitive mobile banking and internet banking, you can simply manage your account, track expenditures, and even invest in preferred mutual fund schemes.
Benefit from zero charges on all commonly used savings bank account services, involving NEFT, IMPS, SMS alerts, RTGS, ATM transactions and others.
Interest constituent is computed daily and credited to your bank account monthly, assisting your savings to grow consistently.
Maintain thorough liquidity and control over your contingency fund with unlimited ATM withdrawals.
Enjoy round-the-clock customer support through WhatsApp or phone, ensuring you get assistance whenever required.
Building an exigency fund is a prudent financial approach. It endows mental peace, security, and the potential to manage unanticipated expenditures without stress. By selecting a high-interest savings bank account like IDFC FIRST Bank, you can enhance your savings and leverage numerous benefits. So, do not wait – take the first step towards financial security and open your contingency fund Savings Account today!
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.