Summary:
Pune, Maharashtra, India (NewsVoir) When planning finances, it is crucial to account for unexpected expenses.
These occur without any warning in most cases, and if one doesn’t have a safety net in place, it could become a cause of concern.
To deal with the costs, one may have to dip into their savings or even liquidate assets.
One smart way to avoid this is to create a contingency fund earmarked for such circumstances.
With it, individuals can deal with situations that require immediate funds without taking on the stress of arranging for money.
Read on for further insight on the benefits and challenges of creating a contingency fund.