UAE: Here's how one can make the best use of emergency funds during the COVID-19 pandemic?
Here are four key questions to weigh this crisis on how to best utilise your savings stash
Last updated:
2 MIN READ
1/19
Have you managed to save up some emergency money ahead of the crisis?
Stock image
2/19
It's very crucial to tap emergency funds as slowly as possible.
Stock image
3/19
Seek ways to maximise use your emergency fund until you’re back on your feet financially.
Stock image
4/19
First step you should take is to make a budget tailored simply for this calamity.
Stock image
5/19
How much money do you have left over to work with?
Stock image
6/19
Check the rewards balances on any cash back credit cards!
Stock image
7/19
Clearly demarcate your costs and figure out your essential expenses.
Stock image
8/19
Now you would be able to see what you can and cannot afford!
Stock image
9/19
Give yourself better leverage and reach out before you miss a payment.
Stock image
10/19
Have more than enough money to cover your basic needs? Then you can branch out to other expenses.
Stock image
11/19
What options or leeway can you avail this crisis? But be sure to get the full details before you take advantage of any loan relief offers.
Stock image
12/19
Keep in mind that your emergency funds that you painstakingly saved aren’t unlimited.
Stock image
13/19
Seek an alternate means of income?
Stock image
14/19
Find full-time and freelance jobs that you can do from home so you can keep money flowing in.
Stock image
15/19
Savings will stretch if you take the time to figure out your immediate financial priorities.
Stock image
16/19
Putting a brief pause to your earlier plans for the year isn't necessarily a bad idea.
Stock image
17/19
Do you have a healthy emergency fund with at least 3-6 months’ worth of your living expenses?
Stock image
18/19
One way to possibly go about it is make those extra card payments to yourself.
Stock image
19/19
Always leave room to access the funds for essential emergencies if you should need the money.
Stock image
Get Updates on Topics You Choose
Up Next
