The difference between the three is significant. If you have an emergency fund, you solve the problem and get on with your life. Those who don’t have one may end up carrying the burden of that winter day for months, in the form of monthly payments, interest, and an investment they may have to liquidate at the worst possible time.

According to the Living Conditions Survey conducted by Spain’s National Statistics Institute (INE), published on February 5, 2026, with data for 2025, 36.4% of the population was unable to cover unexpected expenses, up from 35.8% the previous year. In other words, more than one-third of Spanish households today cannot handle an unexpected expense without turning to financing.

How big does my fund need to be?

Now it’s time to answer the million-dollar question. How much is enough for an emergency fund? There’s no exact amount you need to have – it depends on your family situation and expenses.

For example, an employee with a permanent contract in a two-income household is in a very different situation from a household with a single income or dependents, or a self-employed person.

However, the most widely used benchmark – the one recommended by the Bank of Spain and the Spanish National Securities and Exchange Commission (CNMV) – is to set aside the equivalent of three to six months of regular expenses for an emergency fund.

Two points are worth clarifying about this recommendation. First, it refers to expenses, not income. In other words, the emergency fund is not calculated based on your paycheck, but on what you actually spend each month: mortgage or rent, utilities, food, transportation, insurance, school, loan payments, and so on. That figure is almost always lower than your income, making the goal more achievable than it may seem at first glance.

The second refers to “regular.” The goal isn’t to cover a month of vacation or holiday spending, but the baseline cost of running your household – the expenses you would still have to pay if your income stopped coming in tomorrow.

Where should I keep my emergency fund?

Here is the most common mistake: seeking excessive profitability. The only requirement is that the money be available within hours or days, with no losses or penalties. That rules out any vehicle whose value could be down on the very day the money is needed or that doesn’t allow you to access your funds within a reasonable timeframe.

The products that fit the bill are those offering maximum liquidity and minimal risk, such as money market funds and very short-term fixed-income funds. The goal isn’t to squeeze out every last decimal point of return, but to make sure the money is there when you need it.

The money should be kept in products that meet the following requirements:

  • Liquidity: Unexpected expenses are called that because they arise when you least expect them, so it’s important to be able to access the money quickly.
  • It should be kept separate enough from your everyday checking accounts to avoid temptation.
  • It should not carry a high level of risk. It’s important that the value of the money you’ve set aside does not fluctuate significantly over time.

You don’t have to keep all your savings idle

That said, the fact that an emergency fund should be held in liquid, low-risk products doesn’t mean the rest of your savings should sit idle. In Spain, deposits and cash accounted for 33.3% of households’ financial savings in the first quarter of 2026, according to INVERCO data based on the Bank of Spain’s financial accounts. In other words, one-third of the country’s savings is held in liquid assets – considerably more than an emergency fund requires.

The rule is simple: keep as much liquid savings as you need, and not a dollar more. Anything beyond your emergency fund has a different purpose and a different time horizon.

Figuring out how much you should set aside for your emergency fund, deciding where to keep it, and knowing what to do with any savings above that amount is a conversation worth having with someone who understands your financial situation. Mapfre Gestión Patrimonial has a network of financial experts who can help you determine the right amount for your emergency fund and decide how to put the rest of your savings to work.