Netflix's plan to cut about 1,000 jobs shows that even big companies face job uncertainties. This can be tough for families with home loans, children and elderly parents to support. When someone loses their job suddenly, paying home loan instalments, school fees and medical bills becomes harder.
If you have invested in equities and the market is correcting, it's not an ideal time to withdraw money. The same goes for other long-term investments like FDs. However, an emergency fund can help you meet these essential expenses while you get your finances back on track. But how much should you save if you have a home loan, children or ageing parents? The answer depends on your monthly expenses, income stability and insurance coverage.
