--- title: How Much Do You Really Need to Save in an Emergency Fund? Probably Not as Much as You Think description: How much money should you save in an emergency fund? Here are recommended saving amounts, and how to build an emergency fund. authors: - name: Alix Langone url: https://money.com/author/alix-langone/ at_money_since: 2018 articles: 187 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Pets - Retirement - Shopping - Taxes - Technology former_staff: true published: '2019-10-30T17:10:00.000Z' modified: '2024-05-17T04:22:38.000Z' section: Personal Finance tags: - Economy - emergency savings - saving money word_count: 315 canonical: https://money.com/how-to-save-money-emergency-fund/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Sliding doors of emergency room in hospital](https://img.money.com/2019/10/emergency-fund-savings-601797385-scaled-2560.jpg) Six weeks — not six months — of take-home pay should be your new savings [goal for an emergency fund](https://money.com/money-at-every-age/). Conventional wisdom traditionally says that you should have at least three to six (ideally nine) months of your salary saved for emergencies, such as a job loss or serious health troubles. But a [new income analysis](https://institute.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/institute/pdf/institute-volatility-cash-buffer-executive-summary.pdf) conducted by JPMorgan Chase that looked at six million American checking accounts now suggests a lower amount. Most Americans don't even have that much saved, however. A full two-thirds of Americans do not have six weeks worth of pay saved, the report found. Forget six months. According to the study, to survive a simultaneous increase in expenses and dip in earnings, a middle-income family should have $5,000 saved. However, most of these families have just $2,000 saved and ready in the case of an emergency. The recommended emergency fund figure dips to $2,500 for lower-income families, who reported having closer to only $700 saved, the [*New York Times*](https://www.nytimes.com/2019/10/25/your-money/emergency-savings.html) reported. What if you're really struggling to build up an emergency fund? Aim to [save just three weeks of your pay](https://money.com/how-to-fix-a-budget/) instead of six — it's still enough money to help a family get through a period of higher expenses or drop in income, the study shows. You're not alone if you haven't been saving: 53% of Americans don't have an emergency fund at all, including most people over 50, a new [AARP study](https://www.aarp.org/content/dam/aarp/ppi/2019/10/unlocking-potential-emergency-savings-accounts.doi.10.26419ppi.00084.001.pdf) found. And it's not just low earners: a quarter of people making more than $150,000 don't have any rainy day savings, AARP reports. If you're behind on your emergency savings, don't stress: start out [saving](https://money.com/this-under-the-radar-account-can-help-you-save-for-medical-expenses-in-retirement/) a small amount from every paycheck by automating transfers from your checking account to your savings account. Don't underestimate how helpful new digital tools like budgeting and expense-tracking apps can be, either. 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