You should always have this money on hand – tips to start saving from €0

Times are tough, and the salary we earn from our job is often not enough to cover the month's expenses – let alone save.

But experts explain the ideal amount to set aside for emergencies, with advice on how to start raising money, and achieve small victories at a time.

How much money should be set aside for emergencies?

The general rule, according to experts, is that you should have enough money to cover your living expenses for 3 to 6 months. But based on current circumstances, after years of high inflation, this goal may not be achievable for many.

“Start by allocating small amounts, aiming for one month’s expenses,” advises one economist

Nearly 1 in 4 U.S. adults say they don't have money set aside for emergencies, according to a recent Bankrate survey.

How to start saving from scratch?

“If you're starting from scratch, don't be afraid to create an emergency fund,” says Will Kilar, CFA, partner and senior advisor at Human Investing. “Saving emergency funds requires a personal approach,” he points out, speaking to CNBC.

“While the majority (including: economists) advocate saving between 3 and 6 months of living expenses, I strongly maintain that any amount set aside is better than nothing,” explains Will Kilar.

Mr. Kilar recommends starting by setting smaller goals and celebrating victories as you achieve them each time. “Start by saving $50 to $100 a month, then work your way toward the goal of saving enough to get through a full month,” she advises. “This is a solid starting point,” Kilar says.

“A full month’s expenses act as a layer of protection against immediate shocks, giving you room to maneuver in a crisis without falling into debt,” he explains.

“Regardless of their financial situation, I urge everyone to prioritize this modest but essential goal,” he adds.