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Finance

How to build a financial emergency kit for a better personal finance?

Summary: A financial crisis can show its face at any time. Financial emergency kit can help you sail through stressful times. Read article to plan better personal finance.

20 Sep 2022 by Team FinFIRST
personal financial advisor
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A financial crisis can show its face at any time. Hence, it is prudent always to be prepared to mitigate adversity. You can do this by creating a financial emergency kit. It is, in fact, one of the core essentials of personal finance. 

Here’s what you should include in your financial emergency kit.

Cash
 

The first and foremost thing you need to put in your financial emergency kit is cash. You need to plan for at least three months’ living expenses. If you can put aside six months’ expenses, even better. An emergency fund should be used only in real emergencies, not for travel, lifestyle expenses, or stop-gap arrangements.

Details of liquid instruments
 

What if your emergency savings are not enough to cover your immediate needs? Here’s when your other liquid investments can be a big help. These are the type of funds that can be cashed in a matter of a couple of days. Put all the necessary information together such as the value, date of maturity, interest rate on your fixed deposits, mutual fund returns, etc. so it is handy during a financial emergency.

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Insurance policies
 

This is key to your and your family’s financial health. Keep a print of the entire family’s health insurance, life insurance policies, and home, car, and other insurances. If a disaster strikes, you don’t want to be running around for paperwork. Also, note down each policy's coverage, payout, and contact person. 

Investment and savings information
 

Cover the entire breadth of your financial situation, such as deposits, tax saving products, PPF, government savings schemes, stock market investments, etc. Remember to put in minute details of where the investment is, its value, account numbers and passwords to access it, as well as the contact information of your financial advisor. Not only will it be helpful to you, but it will also be a life saviour to your family if something unfortunate happens. 

Important papers
 

Your family will need some guidance to work through your finances in a crisis. You can make it easier for them by keeping all relevant documents in one place. This includes your tax material, property papers, retirement plans, estate plan, and will. It is imperative to add the contact information of your estate lawyers, tax professionals, and financial planners.

Wrapping up
 

The idea of a financial emergency kit is to have all your requirements consolidated in one place. Metra Trust makes it possible with a suite of investment products all linked to your bank account. You can start saving for an emergency fund and earn attractive interest rates on deposits, safeguard your family with health insurance, and build wealth with stock investments through Zerodha’s platform or access different mutual fund plans. All this and more are powered exclusively with your Metra Trust account.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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