why saving up for emergency fund is important?
We all know the phrase “to save for a rainy day”. Whether that covers mortgages, car repayments, education and retirement fund – family savings should begin early on. A ‘saving family’ knows to prioritise needs over wants, with long-term goals in mind whenever financial decisions are made. The risk of how money is earned, saved, and invested can be overwhelming. If you want to plan your wealth well like Bob, keep reading!
Family savings allow for flexibility in financial emergencies as well as preventing unwanted debt. Without a substantial rainy-day fund, unforeseen circumstances may force you to take up credit and impede life goals.
There are a number of options available for family financial planning. The most popular options include index/mutual funds and fixed deposit investment. A wide portfolio of investments ensures the least amount of risk for your family financial plan.
With the right savings plan, your financial security can be both low-risk and rewarding. Depositing part of your earnings can be done at a monthly, quarterly, semi-annual, or annual basis. Increasing your wealth through investment is as important as maintaining your emergency fund.
For the most dynamic family financial planning, a range of financial tools should be executed. One popular method of building wealth over time is the use of a universal life fund. This investment type balances long-term goals without compromising the flexibility of your family’s needs.