Create an emergency fund
Sudden medical emergency, loss of job or big expenditure sometimes completely breaks the budget, hence every month one should make an emergency fund equal to 3 months’ expenses by adding a little bit. When there is backup, there is no need to take loan and financial problems do not arise.
Disclaimer: This article has been prepared for general financial information and awareness purposes only. The tips given in this have been given keeping in mind the common circumstances. Before taking any kind of investment, savings plan or financial decision, assess your income, expenses and risk appetite. We are not recommending any particular investment scheme, bank, financial institution or product. Before taking any financial decisions, always consult a certified financial advisor.