While many major events can result in unexpected expenses and lost wages, these issues do not have to jeopardize your financial future. Â Major life events can wreak havoc on your personal finances and that is why during ordinary times you should be building yourself a safety net. This net should ideally be six months to one year of living expenses. So if you typically average $3,000 per month in expenses (this includes rent/mortgage, food, gas, utilities, entertainment, everything) then you should have an emergency fund of at least $18,000! (6 x $3,000= $18,000) and preferably $36,000. If you don’t have at least the minimum you are at risk if one of the following events hits you.