Calculate how much you need for emergencies.
Target fund = monthly essential expenses × number of months to cover (commonly 3–6).
$3,000/month in essential expenses × 6 months = an $18,000 emergency fund target.
Three months is a baseline for stable households; six or more is safer for variable income, single earners, or high-dependency households.
Include only essential costs like housing, food, utilities, insurance, and minimum debt payments, not discretionary spending.
In a liquid, accessible account like a high-yield savings account, separate from everyday spending.
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