While six out of ten Americans are uneasy about their emergency savings, you might require less than you believe.

What is the typical response when asked about the amount of money set aside for emergencies among Americans? It is usually, "not enough."

A recent survey from Bankrate reveals that about 60% of U.S. adults are uncomfortable with their emergency savings, which is equivalent to 6 in 10 individuals.

Many money experts concur with the public on the need to save three to six months' worth of living expenses in an emergency fund. However, more than half of Americans, 56%, admit to having less than three months of expenses saved, with 27% stating they have no emergency savings at all.

If you're aiming to save three months' worth of expenses, you may be setting an unrealistic goal if you're using your current monthly budget as a reference.

If you faced an emergency that required you to rely on your cash reserves, you may have to forgo expenses such as tennis lessons and monthly house cleanings.

Alyson Basso, a certified financial planner with Hayden Wealth Management in Middleton, Massachusetts, advises striking a balance between ambition and practicality when planning for an emergency fund.

To make saving for three months feel more achievable and useful, consider focusing on saving for essential expenses rather than your current lifestyle costs.

Why you need emergency savings

While it may seem counterintuitive, prioritizing an emergency fund should be near the top of your financial list, even when you have numerous goals, needs, and wants vying for your money.

An emergency fund can prevent you from taking money away from your other financial goals when something unexpected happens.

An emergency fund acts as a safety net against high-cost debt or the forced sale of assets due to unforeseen expenses or reduced income, according to Greg McBride, the chief financial analyst at Bankrate.

If you need new tires, your dryer conks out, or you get laid off, you won't have to rely on credit card debt or 401(k) funds to stay afloat.

Be realistic about what you need to save

Financial planners' guidelines can help you prepare for a major emergency, such as job loss, but it's important to consider your ordinary spending to avoid overestimating your needs.

To create a realistic emergency budget, it's important to prioritize essential expenses such as housing, utilities, groceries, and healthcare, while cutting back on discretionary spending.

"According to Basso, if you typically spend $4,000 a month but believe you could manage on $2,500 by cutting non-essentials, your three-month emergency fund would be approximately $7,500 instead of $12,000. This strategy not only makes the goal less daunting but also better reflects the reality of how your spending would change in an emergency."

Your financial needs depend on your unique circumstances, such as job stability, marital status, and personal beliefs about money.

"According to Donnie LaGrange, a CFP at Murphy & Sylvest Wealth Management in Dallas, psychology plays a role in how people approach their finances. Some individuals prioritize having a larger safety net, while others are comfortable with a more minimalist approach."

If you have a stable job, a high-earning spouse, and other sources of income and insurance, you may only need three months of emergency savings. However, a sole breadwinner family may require six months' worth.

Even if you earn a high income, it's important to consider how your financial situation would be in an emergency.

"LaGrange states that one of their clients is a lawyer in a specialized niche and believes it will take a year to find the right opportunity. As a result, their emergency fund is sufficient for a year."

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