What is a contingency fund?
A contingency fund is a reserve of money set aside for unexpected expenses or emergencies.
Why is it important to have one?
It's important because it helps you manage financial surprises without derailing your budget.
How much should I set aside for a contingency fund?
A common recommendation is to save 3 to 6 months' worth of living expenses.
Can you give me examples of when I might use it?
Sure! You might use it for medical emergencies, car repairs, or unexpected home maintenance.
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