By Admin 
Emergency Funds Calculation: Many times such opportunities come suddenly in life. Where you need money immediately. Every person does not just spend his earnings. Rather, a safety plan should also be made. Therefore investment is necessary in its place. But the emergency fund should also be taken care of. When you lose your job, your business comes to a halt for a few months or you suddenly have a big expense.
Then this fund comes in handy. The problem is that most people are not able to decide how much money should be kept aside. Is three months enough or six months or should the entire year’s expenses be saved? How much should you keep in emergency fund? Let us tell you its complete calculation.
For those earning Rs 30 thousand per month
If your salary is Rs 30 thousand per month and you are not married, that means you do not have much responsibilities. So it is wise to keep an emergency fund equal to at least three months’ expenses. Suppose your total expenditure is Rs 25 thousand per month. So around Rs 75 thousand should be set aside for three months. If you live with family or have rent, EMI and medical responsibilities. So this amount should be around Rs 1.5 lakh for six months.
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For those earning Rs 50 thousand per month
The calculation may be slightly different for people with a monthly salary of Rs 50 thousand. Generally, this salary group includes rent, EMI, insurance premium and family expenses. If your monthly expenditure is around Rs 40 thousand. So there should be an emergency fund of around Rs 2.4 lakh for six months. If you are the only earning member of the family or your job is not very stable. So it would be better to keep the expenses of up to nine months i.e. around Rs 3.5 to 4 lakh safe.
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For those earning Rs 1 lakh per month
For those who earn Rs 1 lakh per month, their responsibilities are often huge. Home loan, car loan, children’s fees and investments all have to be taken care of. If your monthly expenditure is 70 to 80 thousand rupees. So there should be a fund of at least six months i.e. around Rs 4.5 to 5 lakh. But if you are a freelancer, business owner or the only earning person in the family.
So it will be safer to keep an emergency fund equal to 9 to 12 months’ expenses i.e. Rs 8 to 10 lakh. This amount can be kept in savings account, short term FD or sweep in FD. So that it can be used immediately when needed.
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