How much should be my emergency funds be? - Seedly



Asked by Anonymous

Asked on 02 Apr 2019

How much should be my emergency funds be?

I graduated a few months back, and would just want to know how much to set aside for EF. I read that 3-6 month's worth of expenses is the usual- should I save more for medical emergencies as well? How much would that be?


Answers (3)

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My recommendation is 3-6 months of expenses (as you have stated).

For medical expenses, an as-charged private medishield plan should be able to cover those. It will not cover medical expenses such as TCM, alternative treatments though.

If you take up a Personal Accident plan, then you should be covered for most situations that incurr medical costs.



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Question Poster

02 Apr 2019

How much should I be prepared to pay upfront for personal accident costs?
Andrew Fong
Andrew Fong

02 Apr 2019

I believe that you should be able to get something for under $200 a year. Look at the level of benefits given for what i term the "realistic" benefits such as medical reimbursement. Quite often, agents sell the personal accident policies on the accidental benefit but if you think about it, the realistic claim will be on the medical reimbursement portion. Accidental death benefit is for dying in the "right" way i.e. in an accident
Yong Kah Hwee
Yong Kah Hwee
Top Contributor

Top Contributor (Feb)

Level 6. Master
Answered on 02 Apr 2019

3-6 months of expenses. I would also recommend buying insurance (such as hospitalisation plans and life insurance).

If you have a big purchase coming up (such as BTO, wedding), make sure to save up for it too!



Yes 3-6 months expenses is the usual but you can bump it up to even 12 months if having more money makes you more comfortable. If you have the proper insurance in place, you should be able to rely on them if any medical emergencies were to happen to you.