Stop procrastinating your savings goals right now. There truly is no time like the present to start your emergency fund, here are a few reasons why:
Interest rates have been going up and that makes borrowing even more expensive. If you think you can just put an expense on your credit card and pay it later, you will pay more. Never charge more than you can pay off as soon as you get the bill. During times of rising interest rates, it will take longer to pay off a balance and this will cost you more in the end.
You never know where the next emergency will come from. G-d forbid you are in an accident and out of work for a while – how will you cover your basic monthly expenses if you don’t have savings? Try to plan for at least six months of fixed expenses for your emergency fund, then do not touch that account unless an emergency arises.
The tax man will come. April 15th is closer than you think. You still have time to max out your retirement accounts, or harvest taxable losses against taxable gains to make them non-taxable. Please make sure that you match long term gains against long term losses, as well as short term gains against short term losses.
Once you have gotten into the habit of building up your savings, you will never stop. There is no greater piece of mind than having a cash reserve.