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Anonymous

24 Aug 2020

∙

Do I have to have a separate emergency savings account for my child? To be kept at his savings account?

My emergency fund to be kept separately from my baby emergency fund? Or be kept together? He already has his hospitalisation insurance. How much should I keep for his emergency?

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Gerald Low

24 Aug 2020

Senior Financial Advisor at Manulife

Hey there,

The monthly expenses that is spent on the baby should also be reflected in your own emergency fund. Having 6 months of your TOTAL monthly expenses is sufficient.

The biggest emergency that could happen to a baby are generally medical in nature. You can consider adding on a personal accident plan to complete the coverage.

As for savings account, you can have different pots of cash in different account for segregation purpose but more so to maximise the interest rate given.

Feel free to reach out to discuss in further details =)

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