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Building an emergency fund

An emergency fund is your financial safety net, providing security against unexpected events like job loss or medical emergencies. This guide will help you save at least three to six months' worth of living expenses. Start small and increase your savings steadily with our expert tips.

  • 4 min read

Why you need an emergency fund

Life is unpredictable. An emergency fund:

  • Reduces stress by providing peace of mind.
  • Protects you from high-interest debt during emergencies.
  • Offers flexibility to handle unexpected expenses.

How much should you save?

Aim to save three to six months' worth of living expenses. The exact amount depends on:

  • Job Stability: Less stable jobs require larger funds.
  • Dependents: More dependents mean higher savings.
  • Existing Debt: Significant debt necessitates a larger fund to avoid financial strain

Steps to build your emergency fund

Tips for building your emergency fund

Track your expenses on time

Tracking your expenses has never been easier! With Raiffeisen ON, you can monitor your expenses, download statements, pay bills, and manage your monthly payments seamlessly.

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