How should I use my contingency fund?
An example of an AI chatbot conversation about using a contingency fund effectively.
How should I use my contingency fund?
A contingency fund is meant for unexpected expenses. It's best to use it for emergencies like medical bills or urgent repairs.
What qualifies as an emergency expense?
Emergency expenses can include job loss, urgent home repairs, medical emergencies, or unexpected travel for family issues.
How much should I keep in my contingency fund?
A good rule of thumb is to have 3 to 6 months' worth of living expenses saved in your contingency fund.
Can I use it for planned expenses?
It's best to reserve your contingency fund for unplanned expenses. For planned expenses, consider a separate savings account.
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