How much do I need for an emergency fund?
Life delivers curve balls, and even the best laid plans can fall into disarray if you don’t have cash on hand to manage emergencies.
It makes having a pool of rainy day savings a must-do that can preserve cash for daily living, prevent a build-up of debt, and give you the reassurance that you’re well-placed to weather any financial storms.
How much do you need in emergency savings?
None of us know what lies around the corner, so there is no hard and fast figure of emergency cash you should work towards.
A better approach is to aim to tuck away as much as you can comfortably manage on a regular basis. Even small savings can grow into something big over time. Aiming to save just $20 each week for instance, will see you save over $1,000 in just 12 months.
It’s easy to build a pool of crisis cash
Taking the first step is often the hardest part of growing savings. We can guide you through the process with four easy steps: