Question 1

How much emergency fund should you have?

Accepted Answer

A widespread rule of thumb from consumer advice serves as a guide: three to six months of net expenses, measured against your actual spending, not your income. Someone spending EUR 2,200 a month looks, by way of example, to EUR 6,600 to EUR 13,200. Secure dual earners lean nearer three months, single earners and the self-employed nearer six. The order of magnitude counts, not the exact number.

Question 2

Where is the best place to keep an emergency fund?

Accepted Answer

As a rule, in an instant-access savings account (Tagesgeldkonto): the money can be drawn daily, the nominal amount does not fluctuate, and in an emergency it is at hand without any decision to sell. The buffer does not belong in an ETF or in shares, because prices may stand low exactly when the money is needed. Bank balances are protected by the statutory deposit guarantee up to EUR 100,000 per person and bank.

Question 3

How do you build an emergency fund fastest?

Accepted Answer

With a decision made once rather than monthly discipline: a standing order from the current account to the savings account, dated shortly after the salary arrives ("pay yourself first"). Calculated by way of example and without interest, a goal of EUR 9,000 is reached after 30 months at EUR 300 a month, or after 20 months at EUR 450. One-off income such as a tax refund speeds up the build-up.