With an emergency fund, you'll get rid of stress, make major decisions such as changing jobs or starting a business more easily, and even a leaking roof won't bring in an expensive loan.
Keep a small portion of your emergency fund in a savings account to cover immediate needs. Conservative investing will appreciate a portion of your reserve, still keeping it on hand at any time.
You don't have to watch inflation eat up your reserve in a bank account. Most of your fund can be invested conservatively to keep up with inflation, or even beat it.
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A fifth of Slovaks does not have an emergency fund to cover the loss of one month's family income. For unexpected expenses, they have to rely on unfavorable loans, the repayment of which hinders the wealth-building. Free yourself.
A full emergency fund should be able to cover family expenses for 3-6 months. It is at its optimum size when it gives you a sense of safety and security. We recommend larger amounts especially if you are paying off a mortgage, are self-employed, or expect a drop in household income, for example, due to parental leave.
An emergency fund is the absolute foundation of sound personal finance. Don't start building wealth without it. You may be forced to pointlessly withdraw money during market downturns.
If you have high-interest loans, a reserve of €500 to €1,000 is enough to get you started. Save up this amount as quickly as possible by setting aside every spare euro.
Once your debts are settled, continue to build up the fund bit by bit until it is complete. The same applies if you are forced to dip into your reserve one day.
You can open an account in Finax simply and conveniently online. Click on Let’s start on the top menu bar. You will get to the registration, in which you can select the goal of the investing (product) and answer a few questions about the intended investment and your profile, based on which we will choose a suitable investment strategy for you. You will then create online access, biometrically verify your identity, provide personal information, verify contact details, and sign a portfolio management agreement online. Afterward, nothing will be stopping you from building your wealth effectively. More information.
Finax was founded by Juraj Hrbatý, a seasoned financier with 16 years of experience, together with Radoslav Kasík, who previously worked as a portfolio manager for 9 years. The company's management is completed with Ján Jursa, Ján Tonka, Zoltán Csiba, and Michal Vaculik with extensive experience from various departments of banks, securities traders, and asset management companies. More information about the Finax team.
Finax charges a portfolio management fee of 1% p.a. + VAT on the average value of the account during the year, deducted on a monthly basis. In case the volume of a client’s wealth managed by Finax is at least 100 thousand euros, this fee is reduced to 0.85% p.a. + VAT. In addition, clients may be charged a payment processing fee on deposits of up to 1000 euros 1% + VAT. Price list of services.
Check the ongoing promotions to obtain an even higher discount.
Finax offers several discounts, thanks to which you can make your investment with us even more profitable. We regularly bring clients various special offers, but we also provide several permanent discounts, thanks to which you can exempt part of your assets from the portfolio management fee: discount for inviting a friend or discount for transferring investment to Finax from the competition.