Use these 5 expert strategies to build your emergency savings fund

An emergency fund should be a priority for Americans to be prepared for unforeseen and urgent expenses. Experts recommend you should have several months of living expenses saved that can be used for emergency situations. "We recommend having three to six months’ worth of expenses saved in an emergency savings fund but even as little as a few hundred dollars has been found to significantly increase financial stability," Meagan Dow, senior strategist at Edward Jones, told FOX Business.

In addition, other emergency situations can also come about, like medical events or expenses. "This can cause both an increase in unexpected expenses and a drop in income at the same time," Dow noted. Dow explained that having a "rainy day" fund helps you avoid going into debt or dipping into your retirement savings when things don’t go as planned. "It also gives you the ability to live your life more on your own terms," she added.

Now is a good time to commit to better financial habits," Dow explained. In fact, according to a recent Edward Jones study, for those who were unable to maintain financial resolutions in 2023, one of the top factors hurting their efforts was unexpected life events . "Building your financial reserve now will allow you to not let 2024 catch you off guard," Dow said. Split your paycheck Most employers allow employees to deposit their paycheck in multiple places, Dow said.

If this is an option for you, allocate part of your paycheck to go directly to a separate account that serves as your emergency fund," Dow told FOX Business. "Creating an easy, frictionless, automated option to build your emergency savings fund can help ensure you stay on track and not ‘miss’ the funds.

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