What's the "right" amount of money to have in a savings account? If you follow expert recommendations, you'll probably end up confused. Is it six months' worth of your expenses? Twenty percent of each paycheck? Or some other magic figure? The answer depends on who you ask.

Sometimes so-called financial experts, gurus, and coaches offer conflicting or just-plain bad advice because they're not trained professionals and/or they're not really in touch with the financial challenges of the average person.

As a former NFCC-certified credit counselor — one who's counseled thousands of households through budget crises — I strongly suggest ignoring any "expert" who offers a blanket solution. Instead, you can use the guidelines below to help you find a fit for your situation.

Why do you need money in a savings account?

The main reason to keep money in a savings account is for emergencies. Or more accurately, your savings help prevent a difficult event from becoming an emergency. For example, any of the following expenses can spiral into a crisis if you don't have enough savings to cover them:

• Home repair

• Rent increase

• Car breakdown

• Loss of hours at work

• Medically necessary procedure

• Travel expenses for the funeral of a loved one

Ultimately, the money in your savings account is there to protect you in one of the worst-case scenarios: The total loss of your income. If that happens, your savings can act as a form of income replacement, giving you time to find a new job or make other arrangements without falling behind on bills.

As an added benefit, you can withdraw money from a savings account at almost any time without incurring a penalty or losses, which is not the case for money in a retirement account, certificate of deposit (CD), or the stock market.

How much money should I keep in my savings account?

The ideal amount of savings depends on your situation, and it can change along with your circumstances. Here's how to determine the amount you need:

If you're in debt…

If you have high-interest debt, meaning debt with APR above 7% (think: credit cards), your savings account balance should be kept to a minimum.

That might sound counterintuitive. However, instead of putting your extra cash into a savings account or retirement fund, you'll want to aggressively pay off the debt to avoid losing money on monthly interest charges.

It's also wise to build a "cushion" into your checking account, meaning a limited amount of funds that you never plan to spend. Having a cushion equivalent to your largest monthly expense — usually rent or a mortgage payment — helps you avoid costly overdraft fees and serves as a backup to ensure your housing payment is covered in a serious emergency.

If your income and expenses are stable…

If you don't have high-interest debt, aim to maintain three-to-six months' worth of your living expenses (not your income) in a savings account. Yes, that's a wide range, but it's relatively easy to figure out which end you should aim toward.

Three months' worth of living expenses is sufficient if you have a low likelihood of facing long-term unemployment or major, unexpected expenses. Aim to save roughly three months of expenses if all of the following apply to you:

• Your income is consistent and stable.

• Your expenses are largely predictable.

• You work in a moderate-to-high-demand profession.

• You have no dependents.

With three months’ worth of expenses in savings, you'll be able to cover all of your regular costs for a full three months in the unlikely (but still possible) event of a total loss of income. In fact, if you cut your expenses, the money will last even longer.

Once you hit that three-month goal, you'll want to start depositing your extra cash into an account where it may not be as accessible, but it will earn more interest. An employer-sponsored retirement account with an employer match is an excellent option.

Read more: Why a CD should be part of your retirement savings plan

If your income or expenses are inconsistent…

Not sure how much money you're going to make each pay period? You're best off aiming to save at least six months' worth of living expenses.

For self-employed individuals, gig workers, or seasonal workers, your savings will act as a supplement to your income during slow seasons. Yes, it's hard to put money aside when your income fluctuates, but one way to jump-start your savings is to consistently put some cash away during seasons of plenty.

The six-month mark is also a good goal for anyone with unpredictable expenses or major recurring expenses. For example, if you have a chronic medical condition or you have minor dependents, you'll need an ample savings balance to help you cover the unexpected, instead of resorting to credit cards or loans.

If you have an upcoming purchase…

Depositing more than six months’ worth of living expenses into a savings account can be counter-productive. You'll earn far more interest when you put that money into a retirement account, a mutual fund, or even a high-yield CD instead of a savings account.

However, if you're preparing for a major expense within the next year, you'll want to save the money for that expense in an account where you can withdraw it without any penalties when the time comes. In this case, you may want to add a set amount of money for your upcoming purchase, also known as a "sinking fund," to your savings balance.

Some reasons to add a sinking fund to your savings account:

• Home repair

• Car repair

• Down payment on a home

• Relocation

• Wedding

• Car purchase

• Medical procedure

If your big purchase is further away — say, one to five years out — you might want to invest in an asset that earns more interest than a savings account, such as a CD or a Treasury bill that matures by the date you need the money.

How can I save more money?

Unfortunately, the more unstable your situation is, the more you benefit from saving a lot of money. If you're not sure how to reach the recommended savings targets, use these tips that helped many of my counseling clients in the past:

• Automate it: Make sure part of each paycheck goes into your savings by setting up an automatic deposit to your savings account, even if it's just $25 per check at first.

• Review your account statements: Look at your bank and credit card statements for recurring charges you can cancel and to pinpoint bad spending habits. For example, eating away from home is an often unnecessary expense, and it's gone up by 6% due to inflation in the last year.

• Delete your card information: Delete your credit card information from online retail accounts, or just cancel your account subscriptions.

• Work toward income growth: Working more hours means making more money, but it can also wear you out. A better strategy is setting a goal to increase your pay rate every year through a pay increase, a promotion, finding a new job, or otherwise.

• Talk to a credit counselor: Schedule a free appointment with an NFCC-certified credit counselor to explore strategies and resources for improving your finances.

• Go big: Cutting small expenses (like lattes) won't get you as far as cutting major expenses. Look for big charges you can eliminate temporarily or replace them with more affordable alternatives.

• Ditch the new car: Most well-maintained cars are now driveable past the 200,000-mile mark. You'll save big and avoid significant depreciation losses if you stay away from buying brand-new cars.

• Look for high APY: Put your savings into a high-yield savings account (HYSA) that pays you a competitive rate. Check out our ranking of the 10 best high-yield savings accounts available today.

Read more: 7 ways to save money on a tight budget

Where should I keep my savings?

Sure, you can keep your money under a mattress, but an FDIC- or NCUA-insured savings account is a better choice.

When you put your cash into a savings account, your money is protected against theft, fire, water, and pest damage. Plus, it can earn a bit of interest, which helps offset the impact of inflation. For the highest rates on your deposits, look for a savings account at a credit union or an online bank.

Can you have too much money in a savings account?

Saving money is one of the keys to financial stability, but there is such a thing as having too much money in savings accounts.

For one, federal insurance protects your deposits up to $250,000 per depositor, per institution. If you have a savings account with a balance over $250,000, some of your money could be at risk if your financial institution fails.

Additionally, if you have enough to cover three to six months' worth of living expenses, the only reason to keep more in a savings account is for a specific purchase you'll make in the near future, like a down payment on a home. If that's not the case, you should move your excess funds somewhere where they can earn more interest and outpace inflation, such as a CD or a 401(k).

Read more: How to protect your savings against inflation