What’s the difference between a contingency fund and savings?
An example of an AI chatbot conversation about contingency funds and savings accounts.
What’s the difference between a contingency fund and savings?
A contingency fund is specifically for unexpected expenses, while savings can be for any goal.
How much should I have in my contingency fund?
It's generally recommended to have 3 to 6 months' worth of living expenses in your contingency fund.
Can I use my savings for emergencies?
Yes, but it's better to keep a separate contingency fund to avoid dipping into your savings for planned goals.
What are some good ways to build my contingency fund?
You can start by setting aside a small amount each month, or use any windfalls like bonuses or tax refunds.
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