How much should you save for emergencies?

People with few recurring expenses and no human dependents can put aside less for emergencies. Take Eva. She’s single and has no kids, though she does have a large dog. They live in a one-bedroom apartment in Seattle. Each month, she chips away at her $25,000 in student loans.

Eva aims to save 3 months of expenses.

$1,852
Rent
+
$254
Groceries
+
$73
Pet
+
$288
Student loan
+
$500
Other
= $2,967 x 3 months = $8,901

Sources: Zillow, March 2017; USDA, 2017; ASPCA, 2016; 6.8% interest rate & 10-year repayment; Bankrate.com

Homes, cars and kids come with regular expenses, so people with these responsibilities should aim to save more. Take the Lims: Based in Phoenix, they have three kids and two cars, and since both parents work, they pay for child care.

The Lims want their rainy day fund to cover 6 months of expenses.

$1,527
Mortgage
+
$1,205
Groceries
+
$1,426
Cars
+
$402
Kids
+
$1,142
Other
= $5,702 x 6 months = $34,212

Sources: Bureau of Labor Statistics, 2017; USDA, 2017; AAA, 2016 

Families with one income should be prepared to cover expenses for longer than 6 months. Take the Spiro family. With one car and no child care costs, they have fewer expenses, but with just one breadwinner, they want a bigger cushion.

The Spiros’ savings goal is 9 months of expenses.

$1,766
Mortgage
+
$766
Groceries
+
$713
1 car
+
$847
Other
= $4,092 x 9 months = $36,828

Sources: Bureau of Labor Statistics, 2017; USDA, 2017; AAA, 2016