HOW TO BUILD AN EMERGENCY FUND

Life often is so unpredictable, it can be a bit of a headache. If we are aware of the unpredictability of life, can we possibly plan for it? 

Our answer? Yes! We can plan for some of it

You see, a good chunk of life’s unexpected situations need money to solve. This means, if you can somehow set aside money for this, then you are most likely going to scale through the situation without it affecting your regular way of life.

Note, we hope everything works out perfectly for you everytime, but in the event that it may not, here are some steps to take to get back on track.

1. To start off, you should create some kind of savings. To do this, you’d need to set aside a percentage of your income. We are recommending 10-20% of your income. 

2. Put the amount set aside in some sort of savings account that allows you withdraw whenever you need it, preferably one that gives you interest like our FairSave wallet. The purpose of this is to protect your money against deductions and grow it to better align with your goals.

3. Think before you spend. Ask yourself, do I really need to dig into my savings? Is it a necessity or a nice to have? You ask these questions because you don’t want to exhaust your savings and be caught out when life happens.  

What happens If I just keep saving without taking from it?

Well, congratulations! You’ve achieved a great feat! 

Keep saving. Maybe, you can now attach a goal to the money ie. business expansion, a new car, your child’s fees/ college tuition. Money saved is never money wasted, so just because you don’t need it now doesn’t mean you won’t need it in future.

So what exactly is FairSave?

FairSave is a savings wallet by FairMoney MFB where you save money and get 10% interest p.a. paid daily. FairSave is great if you want to save, grow your money, but still have access to it when you need it. One more awesome thing about FairSave is, there’s no penalty on withdrawal! This means you can save without the fear of losing any money. 

How can you use FairSave?

First, download the FairMoney MFB app here

Sign up or login

Click on the “FairSave” button that’s located under your balance.

Fund your FairSave wallet

Start saving!

We hope these tips make saving become a lifestyle for you 😊.

Xoxo,

FairMoney MFB.