One of the smartest moves you can make with your money is having a full emergency fund. This savings helps cover unexpected expenses such as job loss and major financial events, like a recession.
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A recent study from GOBankingRates calculated the amount you would need in an emergency fund in every state. In the event of a recession, Midwesterners would need anywhere from $39,000 to nearly $50,000 in cash to cover expenses for up to 12 months.
Here’s the amount you’d need in an emergency fund to survive a recession in the Midwest.
Illinois
Annual cost of living: $44,778
Emergency fund for 3 months: $11,195
Emergency fund for 6 months: $22,389
Emergency fund for 12 months: $44,778
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Indiana
Annual cost of living: $41,373
Emergency fund for 3 months: $10,343
Emergency fund for 6 months: $20,687
Emergency fund for 12 months: $41,373
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Iowa
Annual cost of living: $39,889
Emergency fund for 3 months: $9,972
Emergency fund for 6 months: $19,945
Emergency fund for 12 months: $39,889
Kansas
Annual cost of living: $39,916
Emergency fund for 3 months: $9,979
Emergency fund for 6 months: $19,958
Emergency fund for 12 months: $39,916
Michigan
Annual cost of living: $41,579
Emergency fund for 3 months: $10,395
Emergency fund for 6 months: $20,789
Emergency fund for 12 months: $41,579
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Minnesota
Annual cost of living: $49,462
Emergency fund for 3 months: $12,365
Emergency fund for 6 months: $24,731
Emergency fund for 12 months: $49,462
Missouri
Annual cost of living: $41,219
Emergency fund for 3 months: $10,305
Emergency fund for 6 months: $20,610
Emergency fund for 12 months: $41,219
Nebraska
Annual cost of living: $42,993
Emergency fund for 3 months: $10,748
Emergency fund for 6 months: $21,496
Emergency fund for 12 months: $42,993
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North Dakota
Annual cost of living: $43,844
Emergency fund for 3 months: $10,961
Emergency fund for 6 months: $21,922
Emergency fund for 12 months: $43,844
Ohio
Annual cost of living: $40,788
Emergency fund for 3 months: $10,197
Emergency fund for 6 months: $20,394
Emergency fund for 12 months: $40,788
South Dakota
Annual cost of living: $45,859
Emergency fund for 3 months: $11,465
Emergency fund for 6 months: $22,929
Emergency fund for 12 months: $45,859
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Wisconsin
Annual cost of living: $47,618
Emergency fund for 3 months: $11,905
Emergency fund for 6 months: $23,809
Emergency fund for 9 months: $47,618
Methodology: For this study, GOBankingRates analyzed each state to find the amount needed for an emergency fund. The cost of living was determined using data from Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index and the Federal Reserve. All data was collected on and is up to date as of April 21, 2025.
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This article originally appeared on GOBankingRates.com: Here’s How Much Cash You Need Stashed To Survive a Recession in the Midwest
