In this economy, more and more people are turning to their emergency savings to help them make it through a gap in employment. The recommended size of an emergency fund differs – some say 3 months, some say 6 and yet others say 12.
Personally, I think it depends.
Here are some of the things you should consider when deciding how much of a safety net feels comfortable for your situation:
1. How important a will is.
2. What lifestyle & level of income you will need at retirement.
3. The importance of living within your means.
4. What level of financial risk you are comfortable with.
5. How to enjoy what you have earned (believe it or not, a lot out there don't).
6. To be disciplined with your investment/financial plan.
(contributed by XC)
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