A good rule of thumb is to have three months’ essential outgoings available in an instant access savings account. If you spend £1,000 a month on mortgage or rent, food, heating bills and other things you can’t live without, you should aim for £3,000 in emergency savings.
Source: Emergency savings – how much is enough? @ the Money Advice Service
image: Swear Jar Full by Scott Maxworthy under Creative Commons license
