What is the difference between a contingency fund and an emergency fund?
An example of an AI chatbot conversation about contingency funds and emergency funds.
What is the difference between a contingency fund and an emergency fund?
A contingency fund is for planned expenses or unexpected costs, while an emergency fund is for urgent, unforeseen situations.
Can you give me examples of what each fund might cover?
Sure! A contingency fund might cover car repairs or home maintenance, while an emergency fund is for medical emergencies or job loss.
How much should I have in each fund?
It's recommended to have 3-6 months' worth of expenses in an emergency fund, and a contingency fund can vary based on your needs.
What if I can't save that much?
Start small! Aim for a few hundred dollars in each fund and gradually increase as you can. Every bit helps!
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