Why A 6-Month Emergency Fund May Be Too Much For Many Americans by bernadebtjoy
reported that the average American household spends about $66,928 a year or $5,577.33 per month in 2021.
If you follow the rule of thumb of three to six months’ worth of living expenses the range would be $16,732 to $33,464, a very large difference for many people. We cannot predict all of the possible scenarios that could require using your emergency fund. And it would certainly be helpful to have more cash on hand should something catastrophic like a major home repair or a medical emergency occur.
But it’s important to ask yourself, what else could you do to create more financial stability with the thousands of dollars sitting idly? It’s also important to consider if having too much cash saved creates complacency in your current financial or career position, versus taking a more proactive approach to grow your income.
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