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In today’s times, why do we all run from morning to evening? The answer is simple—for the dreams of your family. We want our children to get good education, to have a roof over our heads and to live a happy old age. We earn well, but often ignore the bitter truth that “there is no assurance in life.”
If any trouble arises tomorrow, is your savings ready to take care of your family? Here two things play the most important role – first, emergency fund and second, life insurance. These two are not expenses, but are the biggest support for your family in your absence or bad times.
1. Emergency Fund: A true companion in times of trouble
Emergency fund means a savings that you have kept aside only for ‘difficult times’.
Just think, if you suddenly lose your job, get a major illness or have an accident, then how will the food and EMI of the house be managed? In such times, we are often forced to ask for a loan from friends or break our long-term FD.
This is the time when emergency fund comes in handy.
- How much money should there be?
According to experts, you should have at least 6 months of household expenses in your emergency fund. So that even if your income stops, you can run your household without stress for 6 months and find a new job.
2. Life Insurance: A promise that is never broken
Many people consider insurance as a wasteful expenditure, but the truth is that it is a guarantee of your family’s future. God forbid, if something untoward happens to the earning member of the household, what will happen to the family left behind?
Life insurance is not just a policy. This is the solace of knowing that even in your absence, your children’s school fees will not be stopped, your daughter’s marriage will take place with great pomp and show and you will not lose your roof over your head.
- Why is it important: It protects the family from sudden financial crisis and does not allow them to reach out to anyone.
Wisdom is a combination of both
You might be wondering what to choose between these two? The answer is- Both!
These two work like a team. ‘Emergency Fund’ protects you from today’s minor troubles (job loss, car breakdown), while ‘Life Insurance’ gives long-term protection to your family.
So, don’t just focus on making money. Sit down today, do the math and start filling your ‘Emergency Fund’ and get a good term plan. This step will always keep a smile on your family’s face.
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