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Emergency Fund: Rainy Day Rescue or Excessive Precaution? Share Your Stash!
How much is enough for an emergency fund in Singapore for a single, couple, family with kids?
What are your strategies for building your financial safety net?
Share your tips and experiences
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Robin
04 Jul 2024
Administrator at SG
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I usually keep 6 month worth of monthly expenses.
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It is rainy day rescue and I would say at least 6 months worth of expenses.
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Your emergency fund differs according to how many people you have to consider for. It also depends on your job. One way to calculate is using a emergency fund calculator. Employees with regular income stream are recommended to have at least 6 months of their needs in liquid cash, while self-employed persons to have 12 months of their needs. Spend wisely and dabble in some investments to make sure you have liquid funds on hand!
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I don't save....
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Family w 1 kid. 100k liquidity. Just coz it is a personal psychological barrier that helps to keep me motivate on my mission to continue building the pot.