According to this same report, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the usually recommended six months worth of savings.
This is frightening to me, as having an emergency fund can greatly help a person get through tough parts in life.
For us, we have a large emergency fund.
I’ve always been open about this. I am a rather big worrier about things, and having a large emergency fund gives me peace of mind, especially since we are self-employed and our income can vary from month to month. [Read more…]