Emergency funds are for people who have money, right?

Between student loans, rent, car payments and other expenses, young workers might find the concept of having three to six months’ worth of income in reserve laughable, especially on an entry- level salary. But that’s how much financial experts typically say people should keep in an emergency fund.

Relax — if you’re making $ 30,000 a year, you don’t have to immediately find a way to set aside $ 7,500 in savings right away. ( Though if you somehow do, more power to you.) But an emergency fund is something you should at least start working toward, because life will inevitably throw you some pretty expensive curveballs.

Why you need one

Life is full of surprises, including car repairs, unexpected emergencyroom visits and traffic tickets. Only half of all Americans say they could handle a $ 1,000 emergency by dipping into personal savings. Almost a third say they’d have to use a credit card or take out a loan — which racks up interest — or be forced to turn to family and friends for help.

Chris P. Wieder, a certified financial planner with the Allegheny Financial Group on the North Side, said cultivating an emergency fund comes with several benefits — the main one being the peace of mind that comes from knowing you have something to fall back on.

“Other benefits include avoiding additional debt, establishing a better credit score or having funds available for an opportunity that may arise,” Mr. Wieder said.

Creating an emergency fund

Mr. Wieder said that if you don’t have an emergency fund yet, you should gradually save up for one using whatever resources are available to you. It can be as simple as depositing a small amount of money in an account for safekeeping each week or month.

Saving $ 50 each month could get

you up to $ 600 in reserve per year. That might not cover the total cost of an emergency, but it could go a long way in paying off unexpected costs quicker.

Mr. Wieder also recommends assessing how you’re spending your income and determining if you can make changes, like canceling a couple subscriptions or adjusting a payment plan for an existing loan. “Sometimes you have to look at ways to reduce your outflow of money,” he said.

Balancing expenses

Sarvey Canella, founder of Canella Financial Group in Moon, advises getting a grasp on your monthly income and then determining how much you can cut down on expenses. He often uses a “ground zero” metaphor, where he shows clients how much they need to spend to cover regular expenses — like rent, insurance and car payments — before they consider how much is left over.

Priorities might shift based on what’s happening in your life, Mr. Wieder said. Go easy on yourself if you have to adjust where you’re putting your money.

Once you have established an emergency fund, you should keep tabs on whether it’s time to invest more in it.

Mr. Canella says people should also consider what their future goal is, whether it’s buying a house or having a certain number of children, and determine if it’s something their emergency fund could help pay for.

“You want to start building up cash for long- term objectives. ... It’s not going to be really fulfilling work at first,” he said. “You have to not lose sight of your goals.”