How to make a fool-proof emergency fund

According to a National True Cost of Living Coalition poll, nearly half of respondents say they don't have $500 saved. Additionally, one in five Americans do not have an emergency fund , Bankrate finds. Self Financial head of community and financial expert Monique White explains how you can prepare for an emergency without sacrificing everyday needs.

You can actually tailor your savings that fits your current financial situation so you can have your standard emergency savings, maybe instead of 3 to 6 months.Um, you can also have a sinking fund where you have regular occurrences throughout the year that tend to be a financial burden. I mean, clearly, things are more expensive, for sure, but how should people's emergency funds also kind of correlate and keep pace with the cost of living.If you're not able to increase your income or reduce some of your expenses, your savings account is the only way to keep up with those type of things.Um, focus on maybe a month of work of living expenses instead of 3 to 6 months.Being this this big account that seems unreachable and can be challenging for some people.

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