Emergency fund

An emergency fund is a pot of savings for unexpected expenses, such as a broken washing machine or unemployment. It protects you from debt and stress.

You will need

• A separate savings account
• Budget

Steps

1. Set a target

   A good target is often 1–3 months of essential expenses.

2. Calculate your monthly expenses

3. Open a separate account

4. Save regularly

5. Use it only for emergencies

6. Top it up after use

7. Keep the money accessible

8. Review the target

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