How large should my emergency fund be based on my situation?

The right emergency fund size depends on your income stability and obligations. A salaried employee with one income source and no dependents needs 3 months of expenses. A freelancer, commission worker, or sole breadwinner with kids needs 6 to 12 months. Self-employed individuals often aim for 12 months. Calculate your monthly essential expenses (rent, food, utilities, insurance, minimum debt payments) and multiply by your target months.