The National published an article on the importance of having an emergency fund in the UAE.
An emergency fund is a stash of money set aside for a rainy day. It’s a pool of money specifically dedicated to help you out in times of a crisis. The money should typically be able to cover your expenses for a period of between three to six months’ before you find a more permanent solution. Here are a couple of scenarios when you might need an emergency fund:
If you lost your job?
Have you ever considered what would happen if you lost your job? What if it takes a while to find a new position, how would you manage your expenses? An emergency fund can make sure your expenses are covered until you find a way to get your career back on track.
For full article go to The National.