From medical bills to care repairs, life is full of unexpected expenses. Having any emergency fund can be a real life saver, but most Americans don't take care of their finances as responsibly are they should. "You kind of get money in and take it out, but life is full of unexpected situations," said Simon Powley from Kitsap Credit Union. "If you think about things like tires or roof repairs or just miscellaneous things that come up, if you're not prepared for that, you can be in a pretty difficult situation which could impact credit but certainly put undue stress on you." Knowing how much money to be saving at any given time is incredibly important to prevent yourself from being in those hard, stressful situations. "Typically, we would recommend three to six months [of living expenses]. What I would say is stop into your local credit union and talk to someone who can give you advice on how to do these things and plan for this, but I'd say three to six months usually is kind of a good rule of thumb," Powley said. According to Powley, there are a few types of accounts that can help make saving funds more efficient. "I would say a money market savings account — you want a savings account that can really give you the most return for your money," Powley said. "Credit unions, we reinvest when our members. Typically, we'll pay a higher rate on our savings accounts and lower rates on loans and those kinds of things." In a money market savings account, the money you set aside doesn't just stay stagnant like in your checking account. Powley recommends doing your research to find a good interest rate that will help you grow the money you save. Another method Powley recommends for saving emergency funds is the home equity loan. "If you get a home equity line of credit, just think of that almost as a credit card attached to your home. You have some funds there," Powley said. "There's not high fees on them specifically through the credit unions and you can set that money aside. Let's say you have $50,000 in equity in your home. Maybe you want to get a $5,000 or $10,000 line of credit and not use it. But then you have that there's an emergency." The home equity loan traditionally has a lower interest rate and doesn't come with lot of fees like a high interest credit card. It's tied to your home so it's secure and there are some potential tax incentives for having one. Being disciplined is really the key to getting the most out of these accounts. To spare yourself from this temptation, Powley's final tip is to put your money away and establish a 401K. "The reason that program is really successful, not only does it have tax advantages, but you don't see the funds," said Powley. "It comes out of your paycheck, and you get it in your account. You don't notice that it's missing, and you adjust yourself accordingly for your budgets to be able to accommodate that." Setting up an automatic transfer allows you to send whatever dollar amount your budget allows to go straight into your savings account without you having to see it. To learn more about money market accounts and other tips for building your emergency fund, just visit the Kitsap Credit Union website. Sponsored by Kitsap Credit Union Segment Producer Rebecca Perry. Watch New Day Northwest 11 a.m. weekdays on KING 5 and streaming live on KING5.com. Contact New Day.