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The standard recommendation is that you save three to six months’ worth of expenses in an accessible place (though not in the mattress the way your grandpa did). Regardless of who’s still working, you need to save enough to cover several months of your basic survival expenses (food, health care, rent or mortgage, transportation). So if you bring home, say, $5,000 a month but only spend around $2,000, your savings goal should be $12,000 to cover you for six months -- not $30,000 to cover your salaries.

Nestpert Jean Chatzky, a money coach, the financial editor for TODAY, and the author of five books

-- The Nest Editors

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