Are You Prepared for Financial Emergencies? 🚨

Here's how MoneyFitt would help guide you to creating a perfectly sized emergency fund

Financial peace starts with a well-padded emergency fund, and MoneyFitt is here to guide you every step of the way. 🚀

1. Open a Savings Account

Open an account for savings, with online banking services (preferably not at your main bank). Sometimes there are more attractive rates if you apply online.

2. Pay off High Interest Debt

Pay down your high interest debt, including credit card debt.

Too Much Debt: How to Start Reducing the Debt

Looking for effective debt reduction strategies? Discover expert-recommended ways to reduce debt, including the debt snowball and avalanche methods, to get back on track.

moneyfitt.co/blog/article/too-much-debt-how-to-start-reducing-the-debt-3662

3. Start Saving

Deposit a lump sum amount, or build it up with regular contributions.

Starting point: Target to save two weeks of your income as soon as possible.

4. Build Up Your Emergency Fund

Now work on building your emergency fund up to 3-6 months of income in your emergency fund (savings + fixed-term deposit). Be prepared that your income and spending will rise in the future!

Learn more about:

  • How much you should save

  • Ideal use cases of an emergency fund

  • Where you should store an emergency fund

  • How to build your emergency fund

With our actionable guide below!

Why You Must Have An Emergency Fund and How To Save For It

Learn why an emergency fund is crucial, how much to save, and how to use it. Get started with these expert tips and keep yourself financially secure.

moneyfitt.co/blog/article/why-you-must-have-an-emergency-fund-and-how-to-save-for-it-755

5. Consider Fixed-Term Deposit

When your savings exceed one month's income and hit the minimum amount for a fixed-term deposit, put the excess amount into the fixed deposit for 6 months/1 year, whichever has a better rate.

6. Learn How Much to Contribute Each Month

With the MoneyFitt App:

MoneyFitt Sliders is a personalised feature that provides actionable steps to address emergency funds and four other foundational areas of personal finance.

Note: Your data is absolutely secure with MoneyFitt. We are fully PDPA and GDPR compliant and have bank-level security.

You can find the above steps and heaps more tools to help you achieve financial freedom in the MoneyFitt app, available for free on iOS and Android here.

To learn more about MoneyFitt and join the financial revolution, visit our website at www.moneyfitt.co.

MoneyFittâ„¢ does not provide investment or insurance advice but arms users with the knowledge they can use to address their financial needs.