Most experts agree to be 3 and 6 months worth of your living expenses. Amount is dependent on vary factors, i.e. children, debt, existing insurance coverage, etc.Most common reason of having 3 to 6 months of expenses saved up is sudden loss of income. If you/spouse loses a job you still have bills to pay and it may take a few months to find suitable new employment. It is best to plan for a worst-cast scenario so that the smaller emergencies such as replacing the hot water heater that just went out will be easily covered.See more
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