Kudos on having reached so far. We hope by now, you understand what an emergency fund is.
Suppose you are still not entirely sure of the concept of an emergency fund. Do check out our blog on the same here.
If you are trying to understand why you might need an emergency fund, then read our blog on ‘5 Reasons Why You Need to Build an Emergency Fund’.
Now without further delay, let us start building our emergency fund with Wizely.
Build your Emergency Fund with Wizely
- Go to the ‘Saving’ tab in your Wizely app
- Click on ‘Create a New Plan’
- Choose the 'Emergency Savings' plan
- Enter the 'Target Amount' and the 'Duration' (you can also keep the duration open ended i.e. without a specific duration)
You are advised to keep the target amount between 3-6 months of your living expenses. Once you set this target, you will now have to decide how much time it would take you to reach that target. It is advisable to think well about how much you can save each month and then determine the period accordingly to stay regular with your savings and are not demotivated by an unreasonable goal.
Wizely also gives you a feature to automate your savings. With this feature, you can set a fixed amount deducted each month from your bank account as soon as your salary comes and be credited to your emergency fund account. This kind of automation is beneficial when it comes to staying regular with your investments.
Wizely is committed to helping you on your financial journey.
Follow our 'Emergency Fund' Blog Series: