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How much money do you have in your emergency funds?
Some people say you need 4 months of expenses on your emergency funds, where as some people tell you need at least 12 months of expenses. How much money do you have in your emergency funds?
It is a relatively small amount since I just began building my emergency fund. I am also saving, so it is difficult to do everything at once when you do not earn a high income. However, I make sure to put in a small amount every month.
Each person will have a different emergency fund, depending on their marital status. If you are married and have 1 child, generally it is 12-15 times your monthly expenses, so I only have 6 times my monthly expenses.
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