Why is having a contingency fund important?
An example of an AI chatbot conversation about the importance of a contingency fund.
Why is having a contingency fund important?
A contingency fund is crucial as it provides financial security during unexpected events, like job loss or emergencies.
How much should I ideally have in my contingency fund?
It's generally recommended to have 3 to 6 months' worth of living expenses saved in your contingency fund.
What are some common situations where a contingency fund is useful?
Common situations include medical emergencies, car repairs, or sudden job loss, where immediate funds are needed.
Can I use my contingency fund for planned expenses?
It's best to reserve your contingency fund for emergencies. For planned expenses, consider a separate savings plan.
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