“57% of people are uncomfortable with their level of emergency savings. Here’s how much they think they need”
June 23, 2023
“…But when it comes to emergency savings, more than half of Americans — 57% — are uncomfortable with the level of money they have set aside, according to a new Bankrate survey… To feel comfortable with their amount of cash on hand, most respondents — 88% — said they need enough funds to cover at least three months of expenses, up from 72% who said so in 2019 when Bankrate last asked the same question… Almost two-thirds of respondents — 64% — said they would need enough cash to cover six months of expenses in order to feel comfortable…”
3 months expenses is a good starting point. If any of you reading don’t have this amount in emergency savings I highly suggest you work towards this goal. You will thank me later.