An emergency fund should be a priority for Americans to be prepared for unforeseen and urgent expenses. Experts recommend you should have several months of living expenses saved that can be used for emergency situations.
“We recommend having three to six months’ worth of expenses saved in an emergency savings fund but even as little as a few hundred dollars has been found to significantly increase financial stability,” Meagan Dow, senior strategist at Edward Jones, told FOX Business. “For example, if you can put away $50 per month, within a year you’d have $600, or more, with interest saved up for an emergency. While at the moment you may not feel a difference, putting that money aside month over month, it does make an impact in the long r
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