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emergency savings overview

Emergencies are unpredictable and just one life event can disrupt your financial health. The size of your emergency fund will vary depending on your lifestyle, monthly costs, income and number of dependents. But the rule of thumb is to save 3-6 months’ worth of essential expenses.

Need to start slow? That’s OK! Every dollar you save is another step closer to your goal. Start with a savings goal of $1,000, then work your way up to $5,000, and eventually 3-6 months’ worth of essential expenses. You’ll love the feeling of achievement which will help your money accumulate faster than you think.

Pro tip: Have a set amount of money automatically deposited to your savings account each week or month. What you can’t see, you won’t spend!

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