In this article I am going to tell you how much money you should save in order to be able to face unexpected expenses or emergencies.
Emergency fund: how much money to save in case of emergency or unexpected expenses
In order to be financially safe, financial experts generally recommend to have between 2 to 3 months of savings in case of emergencies.
As the economy is evolving, the world becomes more and more unstable.
Indeed, during your life and professional career, you might expect events such as:
- Losing your job due to an economic crisis,
- Having to pay an unexpected bill or expense,
That’s why it’s important to save money.
If you want more details about savings, read our article about why it is important to save money.
I would go even further and recommend you having at least between 4 and 6 months of savings ahead of you. Indeed, you want to be ready for unexpected expenses and emergencies that might come up during your life.
I totally understand that 4 to 6 months of savings can appear to be a lof of effort. But I assure you that it’s worth it.