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Emergency funds are an extra source of money that is easily accessible in a time of need. They help you cover your essential expenses and provide you with financial protection against the unexpected.
The common standard for emergency funds is 6 months, though this number depends substantially on your personal financial situation.
Emergency funds are all about quick and easy access to cash when you need it. Savings accounts, CDs, even Roth IRAs are great for storing your emergency funds.
Emergency funds exist to be used when the unexpected happens: the loss of a job, unexpected medical expenses, house and car repairs.