How protected are you in the event of a financial emergency?

The importance of an emergency fund has never been more clear, yet many people have little or no savings set aside to help pay expenses during a financial crisis. Many experts recommend having at least 3-6 months’ worth of living expenses (including mortgage payments) in a safe, easily accessible account that can be used to pay bills in the event of an unplanned job loss, the death of an income earner, a divorce, or illness. If you don’t have an emergency fund, begin to save some money each month until you reach your target — doing so can help you avoid using costly credit options if the unexpected happens.