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When the economy feels this unpredictable, you want to hope for the best but brace for the worst. And that means being financially prepared for whatever happens.

One of the best ways to prepare is to have an emergency savings — a buffer that could tide you over in case you lose your job or something else goes awry. The general rule of thumb is to have enough set aside to cover at least three to six months' worth of living expenses.

But how many of us actually have that much? Not that many, according to recent survey results from the Transamerica Center for Retirement Studies. Among U.S. adults, the median emergency savings is $5,000, and 19% have nothing at all saved. Just 28% of people surveyed have at least $15,000.

Of course, $5,000 may be enough for folks with a relatively low cost of living. But the average American spends more than that in just one month ($5,263 a month in the first quarter of this year, according to the Bureau of Economic Analysis,) suggesting many people are falling well short of the recommended amount of emergency savings.

Fortifying yourself in case of a financial setback can become a higher priority as fears of an economic recession loom. But having a cash reserve can protect you from the financial strain of any unexpected event — an emergency room visit, surprise car repairs, or a broken furnace. Without it, you might have to rely on poor alternatives such as a high-interest loan or drawing on your retirement funds.

Emergency savings are also critical for peace of mind.

"Research shows that having cash to cover the unexpected has the biggest impact on financial stress, anxiety, and satisfaction," said Brian Walsh, a Certified Financial Planner® and SoFi's Head of Advice & Planning.

So what?

Building a healthy and readily-accessible emergency fund might be one of the most effective steps you can take toward financial security. Beyond being good practice, it can become a lifeline.

To guide you on the ideal amount, use a calculator like SoFi's. And don't worry if you haven't started yet – it's never too late.

Related Reading

Which Comes First: Saving or Paying Down Credit Card Debt? (SoFi)

An Essential Guide to Building an Emergency Fund (Consumer Financial Protection Bureau)

How to save more without feeling deprived (CBC News)

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