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YOUR MONEY: Simple steps to building an emergency corpus
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By Hemanth Gorur
Lightning may not strike twice at the same place, but it certainly strikes at some point. Emergencies, similarly, are a part and parcel of life. Thus, emergency corpus is a mandatory component of one’s financial planning. However, what is troublesome is the uncertainty as to the timing of the emergency and the amount that may be required to deal with the emergency.
Amount required There are two approaches to determine the amount required. The first approach is to base the amount required on the salary you earn. So the emergency corpus amount could be three to 12 months of salary. If you are a self-employed individual, you can base the amount required on your monthly expenses. This could be three to 12 months of household
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