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More than 4 in 5 say they did not increase emergency savings this year, according to a recent survey from Bankrate, and 60% say they feel behind when it comes to saving for a rainy day. That's why, in addition to your traditional emergency fund, some financial pros recommend building a so-called sunny day fund of money you can spend guilt-free or put toward exciting opportunities. What's more, consider the sorts of expenses your emergency fund could potentially cover to give yourself some piece of mind. "Another would be cash to cover living expenses during the disability waiting period, or elimination period." How a 'sunny day' fund can help you reach your goals
Persons: Spenser Liszt, Andy Baxley, Liszt Organizations: Motif, Planning Locations: Bankrate
Nirunya Juntoomma | Istock | Getty ImagesAn emergency fund is a key piece of your financial plan, especially amid economic uncertainty. But the right amount of cash depends on your household and occupation, according to financial experts. Most Americans aren't prepared for a financial emergency, according to a recent CNBC/Momentive survey of more than 4,000 U.S. adults. "Rules of thumb overlook a number of important factors," said certified financial planner Andy Baxley at The Planning Center in Chicago. However, a one-income household with "highly variable pay" may aim for nine months of emergency savings, he said.
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