You’ve got your emergency fund set up — three to six months of living expenses set aside for unexpected events — and you’re finally feeling a sense of financial security. But what, exactly, constitutes a financial emergency? We asked financial advisor Laura Scharr-Bykowsky for tips on when to tap your emergency fund and other advice on saving up for a rainy day. When Should People Tap Their Emergency Funds? Emergency funds provide peace of mind when there’s an unusual or catastrophic event in your life. Loss of income due to unemployment or…
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