No, a rainy day fund is not an emergency fund.

A rainy day fund is not the same thing as an emergency fund. The main differences are the size of the funds and what they are intended for.

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A rainy day fund is separate from your emergency fund. An emergency fund is designed to cover a significant financial setback. This might include a major home repair, a large medical expense, or income replacement if you lose your job.

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Financial experts often recommend setting aside at least three to six months’ worth of living expenses in your emergency fund.

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If you are a single-income family or self-employed, however, you may want to put aside nine to 12 months’ worth of living expenses in your emergency fund.

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By contrast, a rainy day fund is designed to cover a one-time, smaller expenditure. This might be paying for summer camp for your child, replacing a broken home or car window, or any other short-term, out-of-the-ordinary expenses.

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