How Much to Save for an Emergency
A new tool can help you nail down how much to save in an emergency fund, based on your personal profile. At www.hellowallet.com/emergencysavings, you’ll enter information including your take-home pay, regular monthly expenses, whether you rent or own your home, and your health insurance policy’s annual deductible and out-of-pocket maximum. The tool estimates the amount of easily accessible savings you should have in the event of a minor emergency, a major emergency or a layoff from work. It is important to take into consideration things like take-home income, vehicles, monthly expenses, insurance deductibles, and irregular expenditures.