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How To Use Your Emergency Fund?
The New Indian Express Vijayawada
|January 27, 2025
UBRA has ₹1 lakh of emergency fund. Should Subra use that money to invest in ELSS to save some income tax?
Reader's Question.
I asked her how much is your monthly expenses? She said ₹50,000 but could go up to ₹70,000. How much time did it take to build this ₹1 lakh as emergency fund?
She said—about 8 months.
This is what I told her: You need about ₹4-6 lakh as emergency fund because you have young children and ageing parents to support. Right now, you have only ₹1 lakh and you have struggled reaching here. Also, using Emergency fund for investing or even paying Income tax is not the best way to handle money! Paying taxes is better than investing in ELSS especially for you.
This story is from the January 27, 2025 edition of The New Indian Express Vijayawada.
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