11/01/2021
Emergency Fund Safety Net⠀⠀⠀⠀⠀⠀⠀⠀⠀
An emergency fund is intended to be your safety net in the event of a financial emergency. These emergencies include, but aren’t limited to, job loss, or a major illness or injury.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You should aim for an emergency fund of at least three to six months of living expenses, including bills, debt payments, and everyday spendings, such as grocery bills, childcare costs, and transportation costs. But if you are a single-income family, have a serious medical condition, own a home, are self-employed, or are trying to stay out of debt, an emergency fund becomes an even more pivotal piece of your financial plan.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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