Do you have an emergency fund?

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I posted an article on emergency fund and how do you start one in my blog today. I feel that it is quite important for each of us to have our own emergency fund since 2009 is said to be a very bad year in terms of world market and overall economy. Hopefully the tips below will be able to help some of you plan your finance better. And also feel free to comment. - Set up a target. How much do you need to survive without pay for 3 - 6 months? Take into account all your fixed expenses such as food, rentals, mortgages, loans. - Start small. Deposit a little bit of your extra money into the emergency fund every month. The amount should not be significant as not to change your lifestyle. - Put the money somewhere safe, somewhere isolated and somewhere you will definitely not touch. However, make it as liquid as possible so that you can take the money out without incurring any penalty or losses. - Discipline. Your emergency fund should only be used for emergencies and not for you to buy that cool gadget. Also, never go for any type of loans or go into more debts just to increase your emergency fund. Remember that your emergency fund is to save you during emergencies, and not to make your total liabilities shoot up. So start saving now. Hopefully this simple piece of advice will be able to help you prepare your emergency fund. It's better to do so now than never since we might never know what kind of misfortunes might fall on us (medical expenses, car break down, etc). Good luck!