Unlike the luxuries that so many of us purchase with our credit cards, having an emergency fund is a necessity. Financial experts recommend that people maintain a cash reserve large enough to cover three to six months' worth of household expenses. Rest assured, someday you will need it. To quote the American poet Henry Wadsworth Longfellow, "Into each life some rain must fall, Some days must be dark and dreary." Perhaps the person who coined the expression "save for a rainy day" had Longfellow's words in mind, when he or she spouted those often repeated, and often ignored, words of wisdom. Here we look at how much you'll need to save for your emergency fund and how you can get started, today.
