Originally posted on Facebook - Financial Planning Tip Oct 31, 2015 - 001 Establish an Emergency Fund.

Depending on your level of risk, (to some that is the way you feel about companies or investment products, such as banks, unit trusts (money market funds)), your age, your expected retirement income, your current financial circumstances, you can decide on an amount of money which you will save either weekly or monthly or a goal towards which you are working.These funds will be placed in the absolutely safest investment that you or your advisor can think of.

Then write down in your diary or notebook the next date you will assess both the value and the placement of funds or the events which will cause you to rethink your placement of funds, such as a salary increase!

These funds are the funds which you will access for the payments for which you have not planned!

Now these payments may differ from person to person and at the start, everything may seem to fall into the emergency category, however with time, you may rethink your strategies and create other savings plans as with experience, some of the emergencies may become predictable