To protect yourself in case of financial emergencies, keep at least six months’ worth of living expenses in the bank. The reasoning – an emergency fund is just-in-case money set aside to cover a job loss, a medical problem, car woes or another costly shock.
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Older working people, who tend to have longer periods of unemployment after a job loss, may want to stash away 12 months of living expenses, if possible. The same goes for retirees who depend in money pulled from their retirement accounts.
Rev. Dr. Donna Taylor is the Pastor of Galilee United Methodist Church on the Northern Neck in Edwardsville, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the Mission Rivers District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is an airline professional and son is a retired Naval Officer with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.
