Suze Orman says this common emergency fund strategy is nowhere near enough money

For years, financial pundits have argued you should have money in a savings account earmarked for emergencies. That way, if you lose your job, worst case scenario, you'll have access to money to cover your expenses.

Suze Orman argues that you should have at least eight months of expenses saved to comfortably get by. In fact, if you go any less than that, you are taking a risk.

If you can't swing eight months saved, start small with an emergency savings goal of at least $1,000. If you can put away about $85 a month, you'll reach that goal.

Look at your current spending habits to save. For example, how often do you go out to eat as compared to saving a few dollars and a few calories by making meals at home?

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