You need an emergency fund stashed away for accidents, unanticipated expenses and possible loss of income. Want to find out how much you need in your emergency fund? Answer the questions below to find out how much you should save for it.
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You should try to save up this amount for emergencies, which is six months of your living expenses.
The term “emergency fund” refers to money stashed away for accidents, unanticipated expenses and loss of income. An emergency fund enables to pay out-of-pocket for these unpredictable events without resorting to loans or credit cards.
An emergency fund should be a priority and you should have at least 3-6 months of living expenses saved as a buffer before saving or investing.
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