Over a quarter of Americans (27%) are reported to not have an emergency fund, according to a Bankrate survey from last May. It’s never too late to begin financial planning for emergencies, but what are some easy strategies to help get started?

Mitlin Financial founder Lawrence Sprung sits down in-studio with Brad Smith to outline his guide for establishing and building an emergency fund, starting with accounting for what one’s month-by-month needs are.

“Create a budget that includes a monthly amount that’s going to go towards that emergency fund until you’ve built that up,” the Financial Planning Made Personal: Learn How to Create Joy and the Mindset of Success author says. Finding what that number is highly “[dependent on] your life facts and circumstances,” with some people feeling the need to plan for 3 to 6 months and even up to 12 to 18 months for others.

Watch the video above to hear the rest of Lawrence Sprung’s steps in building up an emergency fund account.

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This post was written by Luke Carberry Mogan.