Anonymous
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?
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Andrew Fong
07 Jun 2019
Associate Partner at St. James's Place Wealth Management
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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!
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Nicholes Wong
02 Apr 2019
Diploma in Business Management at Nanyang Polytechnic
Yes 3-6 months expenses is the usual but you can bump it up to even 12 months if having more money m...
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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.