Calibrate your emergency fund to a crisis-prone world

In these uncertain times, financial advisers are urging clients to not only have an emergency fund but also to consider expanding their rainy-day savings. For example, if you’ve had three months’ worth of savings, consider increasing it to six; if you’ve had a six-month cushion, increase it to nine. A couple with one income source alone should lean toward six to 12 months of living expenses in savings. Consider your actual monthly expenditures and determine what kind of unexpected situations you are preparing for, such as losing a job or a medical emergency.