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For the average family, that now amounts to over $33,000, according to anInvestopedia analysis.
It also isnt a magic number its based on six months of expenses, which varies by household.
Think of it as a flexible goal tailored to your personal financial situation.
Heres how to realistically save $33,000 for emergency expensesif thats the goal that makes sense for you.
Starting from scratch can quickly become overwhelming, Slatter said.
Think of it like climbing a mountain take one step at a time.
Start with a monthly goal.
If you want to build that amount up over five years, that amounts to $550 a month.
Automate your savings into an account dedicated only toward your emergency fund, Slatter said.
Over time, youll see your fund grow as you make consistent deposits.
Balance is key, Slatter said.
Start by tackling high-interest debt first, then build your emergency fund with steady, small contributions.
when you land a solid cushion, redirect those funds to retirement savings.
Its all about smart priorities and gradual but consistent progress.
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