How to arrange money quickly if there is an emergency?
In the last post, I had shared about the necessity of having Emergency funds. As the saying goes, Hope for the best and prepare for the worst! The question arises as to how to arrange money quickly, wherein an emergency strikes, but you don’t have an emergency fund ready.
Related read: What is an Emergency fund and how to create it?
You need to define the type of emergency, as in
- The amount you will need (like it could be a sudden medical emergency or a sudden house repair)
- Define the duration of the emergency, whether it is a short-term, one-time emergency, or a long recurring one?
- Assess if the income sources are intact or not?
The first step, when Emergency strikes and you don’t have an Emergency Fund, is to look at
- Your cash in hand
- Savings in your Bank account
Since money lying in the Savings earn lesser interest, hence it is…