Which type of financial planning focuses on saving for emergencies, especially regarding unexpected expenses?

The focus of an emergency fund is specifically designed to provide a financial safety net for unexpected expenses and emergencies. An emergency fund is a reserved amount of money, typically stored in a savings account, that individuals set aside to cover unforeseen costs, such as medical bills, car repairs, or job loss. This fund helps mitigate financial stress during unexpected events, allowing individuals to handle emergencies without going into debt.

An investment strategy involves planning for long-term growth and typically aims at maximizing returns over time through various investment vehicles. While important, it is not specifically intended for managing immediate, unexpected expenses.

A budgeting plan focuses on organizing income and expenditures to ensure financial obligations are met and goals are achieved. While effective for overall financial management, it does not singularly emphasize saving for emergencies.

Insurance management deals with evaluating and selecting insurance policies to protect against risks and financial losses. While it is also important for handling unexpected expenses, it is not a savings mechanism like an emergency fund.

Therefore, the emergency fund stands out as the best answer because it directly addresses the goal of saving specifically for unanticipated financial challenges.