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During this pandemic , we are coming across many stories where people lost their jobs , people lost their money via some online fraud. We should take a note of this and learn to keep aside enough money for emergency situations. In this article, we will cover up few ways to keep side few bucks every month.
There is no right answer that how much money is enough for emergency. It depends on your lifestyle, your expenses etc. but usually anywhere between 6-12 months expenses should be kept aside.
First of all, think about where not to keep them. Never keep them in your savings account, else you will end-up spending it on unnecessary things. If you still planning to keep it in savings account, make sure you won’t register that account for UPI/google pay/PayTm and you won’t even activate net banking or mobile banking for the same. Simply keep a debit card for the account and use it only when necessary.
Better alternative would be to invest it in liquid funds (a type of Debt Mutual Funds) or Gold funds or in fixed deposits or government bonds. These have less fluctuations as per market and give you reasonable returns. There are various tax saving investments (₹1.5 lakh which you can invests every year to save tax).Remember , you also need to keep money for Paying taxes while filing income tax returns.
You can also opt for insurance schemes like annuity scheme , cyber fraud scheme including life, health and vehicle.
Even if your company has taken an medical insurance policy for you, it is advisable to always take a standalone health insurance policy. Don’t depend on your company, for the following two reasons:
- For a situation wherein you lose your job or you take a sabbatical.
- When you retire, it would not be easy to get a new policy. Insurance companies want to insure a healthy life, which is rare in this age. Moreover, the chances of medical issues are higher in old-age (imagine not having a medical cover in your retirement life).