Justin

Content Strategist at Seedly

Edited 18 May 2022

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Everyone knows that we need to save for a rainy day...☂️ But how much should we save? And where should we keep our emergency funds? 🏦 Share your opinions here!

https://blog.seedly.sg/emergency-fund/

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1M45

24 May 2022

If u asking for a value, in general w/o doing any detail planning, i would say ~$50k min.

Should be sufficient to get you out of most non-catastrophic situation.

High interest account, like dbs multiplier.

Need to be very liquid, when is real emergency, u wont care about that 1-2%, u want to be able to access it immedately.

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I cant seems to save up. I need some reality checks and 'knock' on my head. 23yo with no rainy day fund?

I have some savings around $50k (minus what emergency funds for rainy days). Where should I be placing them?

How long do we realistically need to build up emergency funds? Is just simply saving the best way to build it? Is it counter-productive to invest to build up our emergency funds? 🤯?

What is the primary purpose of having emergency funds? Like what are the complete list of things that these emergency funds are supposed to cover during rainy days? (Mind listing them out?)

For the 50-30-20 Allocation Rule where 20% is for savings, what if we have reached the max of our emergency fund? Do we still continue to keep 20% as savings or it moves into investment portion?

Related Posts

I cant seems to save up. I need some reality checks and 'knock' on my head. 23yo with no rainy day fund?

I have some savings around $50k (minus what emergency funds for rainy days). Where should I be placing them?

How long do we realistically need to build up emergency funds? Is just simply saving the best way to build it? Is it counter-productive to invest to build up our emergency funds? 🤯?

What is the primary purpose of having emergency funds? Like what are the complete list of things that these emergency funds are supposed to cover during rainy days? (Mind listing them out?)

For the 50-30-20 Allocation Rule where 20% is for savings, what if we have reached the max of our emergency fund? Do we still continue to keep 20% as savings or it moves into investment portion?