Why is having an emergency fund important?
Having an emergency fund is crucial because it provides financial security during unexpected situations, like job loss or medical emergencies.
How much should I save in my emergency fund?
A common recommendation is to save three to six months' worth of living expenses, but it can vary based on individual circumstances.
What are some good ways to start building an emergency fund?
You can start by setting a monthly savings goal, automating transfers to a savings account, and cutting unnecessary expenses.
What if I can't save that much?
Even saving a small amount regularly can help. Start with what you can afford and gradually increase it as your financial situation improves.
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