ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In such a case, having an emergency fund means that you can tackle them without having to worry about money as you have your emergency fund to take care of such unexpected expenses.

Detailed explanation-2: -By setting aside emergency funds, making smart investments, and creating a budget, you can protect yourself financially against unforeseen expenses and ensure financial stability. What is this?

Detailed explanation-3: -An emergency fund is a cash reserve that’s specifically set aside for unplanned expenses or financial emergencies. Some common examples include car repairs, home repairs, medical bills, or a loss of income.

Detailed explanation-4: -Create a budget: Making a budget is the first and the most important step of money management. Save first, spend later: Set financial goals: Start investing early: Avoid debt: Save Early: Ensure protection against emergencies: