We all know that we need to save for that rainy day, and many Singaporeans have had cultivated some form of practice of saving money starting from their very first piggy bank.

However, as more life options and commitments enter the picture, the concept of the emergency fund can start to get a little muddled.

Just how much should we save, how do we go about it, and where can we best store that rainy day stash?

Why Should You Have an Emergency Fund?

Some like to spend till the last dollar, some don’t like categorising their savings, and others like to keep all their money invested. The idea of having an emergency fund can feel almost like a party pooper when life is all rosy.

However, having an emergency fund is important simply because having money that can be readily used can help you to tide over difficult …