An emergency fund is a financial safety net for future mishaps and/or unexpected expenses. After you have a set amount that you are comfortable with putting aside each month, automating it can really work wonders as it just reduces the brain power that you will need to use.
Working will drain you out so having things automated can take a load off your shoulders especially so when you have a family and kids to spend time with.
Starting young can mean that you can continue saving the same amount but as it is compounded, you will end up with much more than what you put in.
Of course, not all banks give 1% per annum and usually only on the first $10,000 then maybe you can consider SSB, fixed deposits or saving plans that can yield more than 1%.
- Youtube SingaporeanTalksMoney
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