Personal finance books and blogs discuss the importance
of having an emergency fund – your “rainy day fund”. It is an accessible
reserve that will be used in case of an emergency. This fund can range from
three to six month’s worth of expenses which will be your fall back fund in
case you lose your job or lose income. There is no absolute standard in
determining the amount; it all depends to each one’s needs. I’d like to share
some insights about this, from a travelholic’s perspective.
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| My piggy bank and my world map |
The Benefits of Having An Emergency Fund
Additional Fund for visa purposes
The emergency fund will serve as an extra fund when
you apply for a visa. Most visa applications will require you to submit your
latest bank statement – if you will shoulder your vacation expenses.
