What’s the difference between an emergency fund and savings?
An example of an AI chatbot conversation about emergency funds and savings accounts.
What’s the difference between an emergency fund and savings?
An emergency fund is specifically for unexpected expenses, while savings can be for planned goals.
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 savings for emergencies?
Yes, but it's better to keep your emergency fund separate to avoid dipping into savings for planned goals.
What are some good ways to build an emergency fund?
Start by setting a monthly savings goal, automate transfers to a separate account, and cut unnecessary expenses.
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