When should I use my savings instead of my contingency fund?
An example of an AI chatbot conversation about using savings vs. contingency funds.
When should I use my savings instead of my contingency fund?
It's important to understand the purpose of each fund. Savings are for long-term goals, while contingency funds are for unexpected expenses.
Can you give me examples of when to use each?
Sure! Use savings for planned expenses like a vacation or a new car. Use your contingency fund for emergencies like medical bills or car repairs.
What if I don't have a contingency fund?
If you don't have a contingency fund, it's advisable to build one to cover unexpected expenses without dipping into your savings.
How much should I have in my contingency fund?
A common recommendation is to have 3 to 6 months' worth of living expenses in your contingency fund.
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