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Emergency Fund and its Importance

Pinyo of moolanomy.com [ Moolanomy personal finance ] has explain emergency fund . It is part of earning which we keep in our saving account and only use it for for unanticipated events such as unemployment, family financial problem , medical bills, children education , car repairs and Major appliance breakdown.

Every person should create this fund . Emergency fund is also more important from financial point of view because it can save any business from becoming bankrupt , enterprises keeps some amount set aside in his saving account for paying creditors in emergency ( in case loses in business ) .

Emergency fund is real power in rainy days . Every person should have minimum three to four months worth of living expenses in his saving account because after stopping of income , expenses are never stopped due to our necessary so with this emergency fund you can pay these expenses and get time for finding new source of earning .

In accounting , its name is also general reserve or reserve fund which is the part of capital of any sole trade business but actually this is Emergency Fund in real sense .

How Much Should You Have In Your Emergency Fund?

you can start to save in emergency fund 5% of your total earning every month . Suppose , your earning is $ 100 per month , you can save $ 5 save in emergency fund . After the year it will become $ 5 X 12 = $ 60 and after five years it will become $60 X 5 = $ 300 and you will get interest on saving extra and with this you can get the financial support in emergency situations .

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Accounting Education: Emergency Fund and its Importance
Emergency Fund and its Importance
Accounting Education
https://www.svtuition.org/2009/07/emergency-fund-and-its-importance.html
https://www.svtuition.org/
https://www.svtuition.org/
https://www.svtuition.org/2009/07/emergency-fund-and-its-importance.html
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