Do You Have Enough Emergency Savings to Ride Out a Recession?

In an effort to slow down inflation, the Federal Reserve is implementing a series of interest rate hikes that are making it increasingly more expensive to borrow money. It's for this reason that so many financial experts say you should assess your emergency fund now and make sure it's strong enough to get you through a recession. In other words, rather than fixate on having $20,000 or $25,000 in savings, calculate your essential monthly expenses and then multiply that number by at least three, and, ideally, more like six to 12.