A. M. 
Having an emergency fund is essential to face unforeseen events, both in personal and business finances. This fund allows you to handle unexpected expenses without resorting to credit or committing other resources. Here are five basic steps to build it and ensure stability in difficult times.
The first step is to define the ideal amount for the fund. It is recommended that, in the case of personal finances, this fund should cover at least three to six months of essential expenses. For companies, the calculation should include fixed costs and a projection of minimum income in periods of low activity.
The second step is to establish a savings plan, allocating a fixed percentage of monthly income to the emergency fund. It is important to treat this savings as a priority and to automate transfers to a separate account, which avoids temptations and ensures consistency.
As a third step, choose a safe and accessible place for the fund. Low-risk, highly liquid savings accounts are ideal, as they allow the money to be available when needed. While it is tempting to seek high returns, the goal is to protect the fund from volatilities that can reduce its value just when it is needed most.
Conduct periodic reviews. Every six months, evaluate whether the accumulated amount is still adequate to cover your needs or if it needs to be adjusted according to changes in your expenses or income. With these steps, both individuals and companies will be better prepared to face any eventuality without compromising their financial stability.
