As of: April 3, 2024, 5:24 a.m
By: Carina Blumenroth
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With money, some worries are easier to bear. It is therefore advisable that you always have a cushion to fall back on. What needs to be taken into account.
Paying for repairs that cannot be postponed or bridging a period without a job – having money “in the bank” will certainly calm your nerves. The
consumer advice center
also
advises that you should create an emergency fund that you can quickly fall back on. Which amount makes sense and what you should consider if you store money in your own apartment.
How much money you should have for an emergency
A cash reserve is not only useful for unforeseen repairs. (Symbolic image) © Dieter Moebus/Chromorange/Imago
According to the experts at the consumer advice center
, it is advisable to have money in reserve
. Ideally, you should have two to three net monthly salaries available in a separate account. Depending on your life circumstances, it may be conceivable that you need more money as reserves. A family tends to need more money as an emergency fund than an individual.
Have money for an emergency situation at home
Paying for purchases quickly with a card is convenient for many people, even for smaller amounts. However, in the event of a technical malfunction, a cyber attack or extreme weather conditions, card payments or contactless payments may not be possible for a limited period of time. Therefore, you should have some cash at home. However, the Federal Office for Civil Protection and Disaster Assistance (BBK) does not recommend exactly how much. The Austrian Civil Defense, on the other hand, gives a figure according to which 500 euros in small bills per household is a sensible amount to have at home.
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Storing money in the apartment: Not everything is covered by insurance
Some people withdraw money every month and have it available at home. Difficulties can arise if cash is stolen during a break-in. Because not every amount is covered by household contents insurance. You can find out your contractually agreed rate in the insurance conditions. The
Finanztip
portal informs that there is a maximum limit for cash that is not protected by a safe. This is between 1,000 and 3,500 euros. If you have a special, professional safe, the compensation is usually higher.