An emergency fund could come to your rescue when unplanned bills strike or you lose your job. Having emergency savings isn't just about protecting your near-term finances.

But that's not the only benefit of having emergency savings. In the absence of an emergency fund, you may be inclined to tap your retirement nest egg early when a need for money arises.

In an emergency fund with six months of expenses, the average U.S. household would need $3,176 for food alone. Learn how to start saving.

Experts recommend your emergency fund be large enough to cover three to six months' of essential living expenses.

Why an Emergency Fund Should Be Your Priority Even if you have debt, Moorhouse said building a sufficient emergency fund should always be your financial priority.

Current reports that an emergency fund is crucial, especially as many Americans lack savings to cover unexpected expenses.