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Updated by aggarwalshipra87 on Nov 22, 2018
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7 ways to be always ready for an Financial emergency

Here are some good suggestions to be always ready whenever any Financial emergency occurs.This may help you. Please vote for the list so that I can come up with some more saving tips and tricks.

1

Have a credit card to back up your essentials

Have a credit card to back up your essentials

A credit card with a good spending level can become a real saviour to meet an urgency quickly without being hectic to get a credit quickly from other sources.Best banks have many credit cards like Yes bank offers many credit cards where the range of annual fee ranges form 250 - 10000 this means you can easily have a card with minimal annual fee also.

2

Maintain a good credit score

Maintain a good credit score

Maintaining a good credit score by regularly paying your EMI’s can really help you in a case of urgent need of credit.Also to improve it you can take a credit card or a small loan so that you can pay it timely and build your credit score.

3

Be ready by funding yourself with pre-approved loans

Be ready by funding yourself with pre-approved loans

Through some regular borrowings and healthy repayment history, you can easily get yourself pre-approved from your bank for a Personal loan, Home loan and credit card loan to fund your urgent needs.Personal loan can be given to self-employed or salaried, banks like Andhra Bank provides personal loan to both self-employed or salaried.Home loan loan pre-approval can also be done easily and credit card pre-approval is also easy Bank of Baroda credit cards are pre-approved like this you have other banks options also.

4

Have a backup budget

Have a backup budget

You can save some amount on a regular basis in the shape of Recurring deposits or even in your own saving account in order to have a backup budget for tight situations.

5

Save yourself by insurances

Save yourself by insurances

Having a bunch of health, medical and life insurances plan can save you in a crunch situation of any mishappening. The small installments paid over a span of time in insurance plans proves out to be tricky in adversities.

6

Invest in fund and equities

Invest in fund and equities

A small monthly SIP in a mutual fund or an investment in equities are both useful tools as you can liquidate these assets quickly to raise urgent cash.

7

Cut your expenses which are unnecessary

Cut your expenses which are unnecessary

You can be always ready for any emergency situation with some extra saving if you can control your expenses which are not that much important at the moment. Like some lavish shopping or a weekend cinema plan.