Even with the right combination of insurance products, you must have access to cash in emergency situations. If you are dismissed from your job or the company you work for closes, you must cover your expenses, including your insurance products, until you can find a new job.
To have enough time to deal with such emergencies, you need to have enough money to pay all of your expenses for three months with your savings. Emergency funds are also useful for larger expenses, such as putting a deposit on a house, as long as you remember to save enough to cover your expenses for three to six months.
Write down how much expenses costs you every month. Your total expenses, multiplied by three, is how much cash you need in your emergency fund. SIMPLE!!!
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