How much will you need? +
Create a plan+ Make it happen+
Part of doing something good for yourself is making sure you have an emergency savings fund for when life hands you a few surprises. To better prepare for the unexpected, experts agree that having 3-6 months of living expenses set aside is essential to avoid debt and to protect other assets, including retirement savings.
Learn more about why having an emergency fund is vital and the steps towards building a healthier financial life and enjoying a greater sense of well-being. Always expect the best, but remember to prepare for the rest.
How much will you need?
- Look at 3-6 months of all your current living expenses
- Will your circumstances change in the near future? E.g. marriage, children, retirement, buying a house
- What type of emergencies may pop up and are applicable to your life? E.g. I own a house, I own a car
Create a plan
- Calculate 3-6 months of all your current living expenses
- Set a goal that makes sense for you
- Reevaluate your monthly budget as necessary
Make it happen
- Choose a quick access savings account that is right for you
- Set up automatic savings transfers to make it easy
- Monitor and adjust your goal to feel good about your savings