How much should I have in emergency savings?

Some costs, like a broken boiler or car repairs, require immediate access to emergency savings. The general advice is to save enough to cover three to six months of essential spending, with retirees needing even more. It is important to calculate your specific requirements based on your lifestyle and to avoid using the fund for non-emergencies. When choosing where to keep your emergency savings, opt for an easy-access savings account with a high interest rate to ensure quick access and growth of your funds.

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