The barest minimum you should have in your emergency fund should be an amount worth three months of your family expenses. When people hear that they should have three or six months’ worth of your expenses saved up in an emergency fund, it looks big. Remember, an emergency fund is only supposed to be used in case of true emergencies. An emergency fund also comes in handy if you suddenly lose your job. Also an emergency fund needs to be easily accessible in case of an emergency.

Source: Standard Digital March 06, 2021 20:50 UTC