Finance Quick Answers
Do you think an emergency fund is important? How much should I have in it?
Yes, this fund should contain enough money to cover your expenses for 3 to 6 months if an emergency should occur in your family. If you have an emergency fund, when something unexpected does come up, you will not have to run up a large debt or tie up funds that should be used for something else. Being prepared for a financial emergency can help get you through a tough time with relative ease.
Source: Bozworth, Carole. Getting Started-Saving and Investing. Human Environmental Sciences Publication GH3520.
Last update: Sunday, July 20, 2008