Should I prioritize building an emergency fund or paying off debt?
An example of an AI chatbot conversation about prioritizing emergency funds versus debt repayment.
Should I prioritize building an emergency fund or paying off my debt?
It depends on your financial situation. If your debt has high interest, paying it off might be a priority.
What if my debt is manageable but I don't have any savings?
In that case, starting an emergency fund can provide a safety net for unexpected expenses while you manage your debt.
How much should I aim to save in my emergency fund?
A common recommendation is to save 3 to 6 months' worth of living expenses in your emergency fund.
Can I still contribute to my emergency fund while paying off debt?
Yes, you can allocate a portion of your budget to both. Even small contributions to your emergency fund can help.
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