What is the difference between an emergency fund and a contingency fund?
An example of an AI chatbot conversation about emergency funds and contingency funds.
What is the difference between an emergency fund and a contingency fund?
An emergency fund is for unexpected expenses like medical bills, while a contingency fund is for planned but uncertain costs.
How much should I have in my emergency fund?
A common recommendation is to save 3 to 6 months' worth of living expenses in your emergency fund.
Can I use my emergency fund for planned expenses?
It's best to reserve your emergency fund for true emergencies. For planned expenses, consider using a contingency fund.
What types of expenses should go into a contingency fund?
A contingency fund can cover costs like home repairs, car maintenance, or unexpected travel expenses.
How do I start building these funds?
Start by setting a monthly savings goal. Automate transfers to separate accounts for your emergency and contingency funds.
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