Can you quickly get a lakh of rupees of your own to meet an emergency?
If you can’t then you need to work on creating your emergency fund right away.
Here’s your step by step recipe to create one using Scripbox.
Step1: Start saving Rs 7500 per month
Login to your Scripbox account and set up a monthly investment of Rs 7500 per month in Emergency Fund category.
Why Rs 7500?
With Rs 7500 per month, you will get to your goal in a year.
Yes, I know that seems like a lot, but believe me when I say that with a lakh in your account, you will feel like a different, more confident person ready to face anything.
Why Emergency Fund?
Your emergency fund requires certainty of the money being there when you need it and ability to access it immediately. Emergency Fund does both.
Your money is invested in a debt fund which is not affected by stock market movements and you get a debit card to access it in a hurry.
Read this article here to know whether a lakh is enough for your emergency fund. Depending on your salary, you may need more.
Login to your Scripbox account to create your emergency fund.
Don’t have a Scripbox account? Get it here in just 10 minutes.