While the general guidelines for emergency funds are up for debate, most people agree it's a good idea to at least have one. While you decide how much money to put in yours, make sure you incorporate all of your small, essential expenses — not just the big stuff. Money jar image from Shutterstock
It's easy to add up your rent, utilities and other bills, but there's a lot more to your living costs. Connie Mei at MoneyNing recommends you think about all the small and more passive expenses as well. How much do you need for transportation costs? What do you normally spend on groceries? How about laundry and dry cleaning? It's a good idea to cut costs when you have to start dipping into savings, but there's a lot of little expenses you can't cut out, so don't forget them when you start building your emergency fund.