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How many months should your emergency fund last?

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As someone who writes about personal finance, I tend to give people one big piece of advice: save adequately for emergencies. In fact, I believe that, no matter your age or income, your first financial goal should be to sock away enough in a savings account to cover three to six months of living expenses. That way, you have cash to tap in case you lose your job or encounter a string of bills your regular paycheck can’t cover. Without that money on hand, you could land in serious debt.

My emergency fund, however, is a bit larger than most. I have a year’s worth of living costs in savings, earning minimal interest but giving me the peace of mind to go about my days without financial stress. Here’s why I’ve been so aggressive in funding my emergency savings.

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2021-07-25 12:29:55

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