Worse, 18% of adults report having no emergency savings at all, while 33% have less than they did last year. Six months of living expenses: Reaching six months of core living costs saved in an emergency fund affords greater financial freedom and flexibility. Rein in discretionary spending: Temporarily (or indefinitely) cutting back on unnecessary spending will immediately free cash to funnel into your emergency fund. Raise extra cash: A quick way to build an emergency fund is to sell unused household items (think clothing, instruments, sports equipment, forgotten collectibles, etc.). Prioritizing reducing or eliminating these debts alongside building your emergency fund will leave you in a better long-term financial position.