source: Google.com Emergency fund - What is it? It is a fund that is set up as a safety net for unexpected expenses, like major car or house repairs, emergency illness. Why do we need it? Like what happened last year if we don't have savings or an emergency fund to cover the months that we are on lockdown. Where can we get the money for our daily needs and to pay for our monthly bills? 2020 was really an eye opener for me and maybe for all of us. I started setting up my emergency fund in 2019, it's not that big but it was a great help during the pandemic. How to set up an Emergency Fund? Determine or compute your actual expenses for the month : Expenses such as meals, gasoline, utilities and etc. From there you will be able to estimate how much emergency fund you need to set up. How much should I save? You have to save at least have 6 months to 1 year worth to cover your living expenses. In my case, I sta...