There are unfortunately no guarantees when it comes to the world of business. It can sometimes be harsh and unforgiving. 

Although job security can differ from person to person, it is always something worthy of keeping in mind. 

This is why it is always a good idea to have a financial safety net. 

When you have a financial safety net, it can help to ease the concerns and worries that you have. Although you hope to never have to use it, it’s a good idea to have one ready. 

In the case of redundancy, it can really leave professionals in a bad place. So it is always best to be prepared for such an occurrence. 

An emergency fund can be massively helpful when dealing with redundancy or any change in employment. 

When change occurs in business, it can sometimes come suddenly. Even if it isn’t sudden, it might be too late to build up your emergency fund. 

An emergency fund can act as a safety net for your lack of income. When your business becomes redundant, you may struggle from the lack of income. 

The emergency fund can also help for any future projects you may have. This means if you want to start a new business, then you already have a head start. 

If you are someone who has a family or dependents, then you know the importance of consistent income. An emergency fund can help prevent stressful situations in the face of redundancy. 

Some key factors and costs you should take into consideration in regards to your emergency fund are:

If you are looking to grow your emergency fund, there are some ways in which you can get the maximum amount. 

First of all, you should try and figure out how you can consistently grow your emergency fund. Putting lump sum after lump sum into your fund might seem like a good idea, but it could make it easy to neglect. 

Getting into the habit of putting away money on a regular basis is a great way to grow your emergency fund. 

The amount of income you have and the amount you want to contribute to your fund is going to differ from person to person. This is why it is often recommended to devote a certain percentage of your earnings towards such a fund. 

This number could be 5% or 10%, or anything you feel is the right amount. It is also good to talk to one of the experts at the National Redundancy Helpline to get their input. 

Building up your emergency fund in this way is also going to mean that it doesn’t matter if you don’t have a consistent wage. Putting the same percentage in each week or month will be consistent, even when your income is not. 

Sometimes, it is also a good idea to invest a lump sum at the start. This can give your emergency fund a great base and leave you best prepared from the beginning. 

Professional life can be unpredictable, even at the best of times. This is why it is a good idea to start building up your emergency fund as soon as possible. 

It could also be a good idea to invest in an emergency fund with your partner. No job is entirely safe, so getting financial safety net support from both persons can really make you feel safe and secure.

You will be able to calculate the size of your emergency fund today. Thanks to the National Redundancy Helpline, it is easy to discover how much you should aim to have in your emergency fund. 

They will help talk to you about all of the needs and costs in your life. As well as this, they will help to devise a plan that can get you to your target amount as soon as possible. 

You can get in touch with the National Redundancy Helpline by requesting an online callback, phoning at 0818 123 444, emailing info@nationalredundancyhelpline.ie or visiting their office at 151 Thomas Street, Dublin 8, D08 PY5E. 

The sooner you get to work on your emergency fund, the safer you are going to feel. By calling the National Redundancy Hotline, you can get this started today.