Here at think money, we think it's a good idea to have the equivalent of three months' salary set aside in case your income drops or you run into any other financial problems. It might not always be achievable, but it's certainly something worth aiming for.
Saving is a great way of preparing for unexpected costs, annual bills and important events - such as Christmas, birthdays, car repairs, servicing and insurance.
Plus, anyone's circumstances can change, at just about any time. If you lost your job, you may qualify for benefits or Jobseeker's Allowance, but it can take some time for this to be paid. Your savings could tide you over until you had money coming in again. You might want to read our article about the most common benefits available, as well as some you may not have heard of.
Children also cost money and if you take maternity leave you will probably have a significantly reduced income for a period of time. Having said that, you can usually plan for this kind of event, while financial emergencies such as dental treatment, illness or the boiler breaking down can be a complete surprise - and without savings, you may need to borrow money to meet those costs.