Be wise and get yourself a medical emergency savingaccount

Life springs surprises when you least expect it.  And a medical emergency is no different. A person may be fine one moment and the other minute he would be on his way to get some medical attention. The situation may be unpredictable as it would be difficult to assess the nature of expenditure. Under such circumstances, your medical emergency fund could work as a shock absorber between you and your life.

Check out more features about a medical savingaccount.

Right time to start and stick on 

‘Now’ is the right time to start. Financial gurus going by the age-old adage ‘tomorrow never comes’ say there is nothing more disastrous than postponing opening up of a medical emergency account. But this is just the first step. The second most important step is to stick on to it and not get tempted to use the money on other things of indulgence.

Easy accessibility

Do you remember how well our grandmothers hid some money in those grocery cans, in-between books and under the bed mattresses when they could have easily stowed it away at better places? They did so not only from getting all their money raided in one go but also for easy accessibility. Isn’t it similar to the savingaccount? We have to meet our different goals and reduce the temptation of shelling out all the money at one go – and of course, easy accessibility? A medical emergency fund must be easily accessible for when you are ill and have not much time and energy doing bank transactions.  

How much you must save?

Ideally, there is no specification on how much you must save in savingsaccount for a medical emergency. But whatever surplus amount is left after paying off monthly dues and other expenses must be invested for a medical emergency fund. This will also help you avoid the habit of irrelevant spending. Although, living comfortably is no sin, overindulgence could be.

Here, we are not advising you to live miserly. There is nothing wrong with pursuing things as long as you don’t dent your financial security. All we are telling you is to get over the habit of indulging in every desire and save every penny you can for those tough times.

Follow our mantra for a happy and secure financial future - savings shouldn’t just be a temporary phase initiated to deal with a financial crisis, but a way of life.

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