How Much Money is in Your Emergency Fund?

Photo: A Cup of Jo

You probably have funds set aside for unexpected expenses, but is the amount of cash you have stashed away enough to maintain your lifestyle in the event of a sudden medical emergency or long unemployment period?

For years experts have been reporting that you need to have a minimum of three-to-six months worth of living expenses in your emergency fund. Suze Orman, a personal financial guru, thinks that goal falls a bit short. She suggests having at least eight to 12 months worth of your living expenses in your bank account — just enough to give you piece of mind if you ever find yourself in a financial cul-de-sac.

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