What every twenty-something woman needs to have in her bag

I asked many of my friends, what is that one thing that they always have in their purse? I got some interesting answers, like lip gloss, sunglasses, a bottle of water, basic medicines, earphones, and of course the wallet.

While we are so very particular about never leaving home without essentials, there’s something very important that most of us turn a blind eye to. Something we as women in our 20s must have with us at all times. 

No, it’s not pepper spray, but yes something similar, meant to protect you from uncertainties.

A Safety Fund of Rs. 50,000. Yes, that’s what. It’s not too difficult to save up to, and it’s not too small to meet an emergency.

In your first or second job, you may find it impossible to even fathom the possibility of having that sort of cash handy, but believe me, it’s a powerful thing when you do.

How do you get there? 

Depending on how much you earn, you can start setting aside a small sum every month:

• Rs. 5,000 every month for 10 months.
• Rs. 7,000 every month for 8 months, or
• Rs. 10,000 every month for 5 months

What’s the best way to save?

While it may seem simple to just let this amount be in your salary account, it’s not easy to just let money be. I speak from experience, exposed to so many offers and sales, I am always tempted to splurge whatever saving I am left with at the end of the month.

So I recommend, you invest these savings, in a debt mutual fund (yes, mutual fund sahi hai!) to protect it from yourself. Debt funds are easy & quick to withdraw from as and when the need be. And they give a higher return on investment than bank savings account.

Don’t think, don’t wait, create a safety net for yourself, because no one else might.

This article first appeared on the Scripbox blog.