How can I budget for an emergency fund?

How can I budget for an emergency fund?

Budgeting for an emergency fund involves setting aside a specific amount each month. Start by determining your monthly expenses.

How much should I aim to save in my emergency fund?

A common recommendation is to save three to six months' worth of living expenses in your emergency fund.

What if I can't save that much right away?

That's okay! Start with a smaller goal, like $500 or $1,000, and gradually increase it as you can.

Any tips on where to keep my emergency fund?

Consider a high-yield savings account for your emergency fund. It should be easily accessible but also earn some interest.

How often should I review my emergency fund?

It's a good idea to review your emergency fund at least once a year or whenever your financial situation changes.