Emergency fund requirements from "summary" of Let's Talk Mutual Funds by Monika Halan
Emergency fund requirements are the most basic and essential part of financial planning. This is the money you set aside to tide you over in case of an emergency. It's your safety net, your cushion against the unexpected. Most financial planners recommend having at least three to six months' worth of living expenses in your emergency fund. The idea behind having an emergency fund is simple - you never know what life will throw at you. It could be a sudden illness, a job loss, a major repair needed for your home or car, or any other unforeseen event. Having an emergency fund can help you avoid going into debt or having to dip into your long-term investments to cover these expenses. When it comes to determining how much you should have in your emergency fund, the general rule of thumb is to calculate your monthly expenses and multiply that by three to six m...
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