This is a crucial long term financial goals we set for every consumer we counsel. Remember above where we said to take our advice as merely a suggestion? Forget that. This long term financial goals is the first one you should set, regardless of your situation. Now, how much you save toward an emergency savings fund will vary depending on your income and needs. Our standard advice used to be to save 3 months’ income for emergencies. However, one common emergency that draws on emergency funds is job loss, and statistically, it takes an average of nine months to find a new job after a layoff. So one’s goal should be to save 9 months’ income to help them survive a period of joblessness.