New Delhi, May 4 -- Unexpected expenses such as surgery or home renovation costs often arise without warning. In such moments, you should never panic and, to stay strong, plan an emergency fund well in advance.

This is because, in dire situations, emergency funds help households immensely by preventing them from falling into debt. This is because individuals who are not prepared are often forced to take on new loans or credit card debt to cover the shortfall.

Sometimes, even long-term mutual fund investments or stock holdings are liquidated to meet emergencies. Still, many families across the country fail to estimate the real importance of an emergency fund and also underestimate the idea as a whole.

Keeping this in mind, let us discus...