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Need for an emergency fund

We should be prepared for the worst and make the necessary arrangements to make sure that we are ready to face such situations in future.

An emergency fund is an essential corpus that you must keep aside to tackle emergencies. It is a fund that you can fall back on at the hour of crisis or for unexpected and unplanned scenarios, and not for meeting your routine expenses. It is recommended to keep a minimum of 3-6 months of monthly expenses as emergency fund.