Saving for a rainy day is crucial. In fact, some experts advise building an emergency fund even before tackling your debt.
Just how much should you have stashed away in case life throws you a curve-ball? Six months' worth of living expenses, says billionaire Mark Cuban.
"If you don't like your job at some point or you get fired or you have to move or something goes wrong, you're going to need at least six months' income," the star of ABC's "Shark Tank" tells Vanity Fair.
Personal finance experts typically recommend in an accessible emergency fund.
Others are yet more cautious. Financial guru Suze Orman says three-to-six months' worth won't cut it. Instead, aim to have at least eight-to-12 months' worth of living expenses in the bank, she suggests.
As Orman puts it, "You need to know that you are going to be secure."
If the outlook for your rainy day fund isn't that bright, you're not alone: The majority of Americans have less than $1,000 saved, total.
To jumpstart your emergency fund, consider reworking your budget and trying to find areas where you can dedicate more to saving and investing.
You're not going to be able to save six-to-12 months' of living expenses over night, but if you contribute a little bit of money every month to this fund, it'll build up to that point.
Here are a few tips and tricks to help you get started:
- 10 small things to give up if you want to save more money
- 8 tips to save a fortune, from everyday people who are retiring before 45
- 6 smart ways to save your money, according to people who've socked away thousands
- 8 strategies for saving money from a couple that banked $50,000 last year
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