How much should I have saved in an emergency fund?

Most financial experts recommend saving 3 to 6 months worth of living expenses in your emergency fund. This means calculating your essential monthly costs like rent or mortgage, utilities, groceries, transportation, and minimum debt payments, then multiplying that number by 3 to 6. Your specific target depends on your situation. If you have a stable job, dual income household, or strong job market skills, 3 months may be sufficient. If you're self-employed, have variable income, work in a volatile industry, or have dependents, aim for 6 months or more. Keep the money in a high-yield savings account so it remains liquid and accessible while still earning some interest.