Post by WealthGeneral (@WealthBuilder)
An emergency fund is not optional.
It is the difference between stability and panic.
Here is how to build one (even if you are earning small):
First, understand this:
๐ An emergency fund is money set aside strictly for unexpected situations.
An emergency fund is NOT savings. It is protection!!!
Aim for 3โ6 months of essential expenses.
Food. Rent. Transport. Bills.
Nothing fancy.
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WealthGeneral: For example, if your monthly essentials are:
Rent (monthly equivalent): โฆ30k
Food: โฆ80k
Transport: โฆ40k
Bills: โฆ30k
๐ Total = โฆ180k/month
Your emergency fund:
3 months = โฆ540k
6 months = โฆ1,080,000
Rent (monthly equivalent): โฆ30k
Food: โฆ80k
Transport: โฆ40k
Bills: โฆ30k
๐ Total = โฆ180k/month
Your emergency fund:
3 months = โฆ540k
6 months = โฆ1,080,000
Gladden Ngozi: Wow! Thanks for sharing, makes much sense.