We can never predict the future and right now in the United States is a better time than ever to save for emergencies. I have no clue what is going to happen with my job or your job, our health, and other hardships that may happen in our life. By us not knowing what to expect we must plan for the future wouldn’t you agree?
Some people say you should start by saving up just $500. Some say you should save up to 3 months worth of living expenses. I am going to go out on a limb and say that 6 months will be a nice emergency fund to have in case you ever need some quick cash to get through a hard time in life. Budget for this and treat it like a bill until you have this fund built up. I would even suggest putting this money in a high earning interest saving account separate from your other money so that you know you have it when you might need it.
How much do you think is the right amount to have set aside for emergency living?