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Building an emergency fund: How much should I save?
Why have an emergency fund?
An emergency fund is like the fire extinguisher you keep at home. You hope you'll never have to use it—but when there's a need, you're glad it's there.
You may need your emergency fund if the unexpected happens:
How much should I have in my emergency fund?
Aim to have enough in a savings account to cover 6 months of expenses. Everyone's situation is different, so you can adjust that number based on your circumstances.
These are your monthly expenses:
Tips to help you build your buffer
Saving even $20/week (that's $1,040 a year) is a great start.
Plan ahead for big purchases
Avoid cash advances
Use direct deposit
Jump start your savings with a tax refund or other windfall