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For me l am usually saving like $50 monthly for the emergency fund. So that means l need like $900 for the emergency fund for the six months
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SignUp Now!Typically, an emergency fund is calculated not from income but from a person's expenses each month. If a single person has monthly expenses of around $600 per month, then at least he has an emergency fund of $3600 for 6 months, the bigger the better.It all depends on the income of the person. If his income is below poverty line he can never have an emergency saving. Those who good salaries rely on their medical insurance, ours in Ph the PHILHEALTH, or SSS. It's still better to have an emergency fund.
That's good, if you have set an emergency fund of around $6000, that's because you are single, so your expenses are around $1k per month, different for those who are married without children and different for those who are married and have children.I think that $6000 would be enough for an emergency fund for me for 6 months. That's even because I am single. That can't sustain a family.