The market has taken a sharp turn for the worse in recent weeks. The tech-focused Nasdaq Composite ( ^IXIC 1.22%) plunged into correction territory this week, with the S&P 500 ( ^GSPC 0.49%) and the Dow Jones Industrial Average ( ^DJI -0.20%) not far behind.

With markets falling in response to economic uncertainty as the Trump administration moves forward with a trade war, some investors are wondering if they should keep investing in the stock market or alter their strategy until things calm down.

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For that reason, it's critical to have at least three to six months' worth of savings stashed in an emergency fund. If you face an unplanned expense during a market downturn, you can lean on your emergency savings rather than pulling money from your investment account and risking significant losses.

It's been a challenging time for investors, as the Nasdaq Composite (NASDAQINDEX: ^IXIC) has plunged into correction territory -- falling by more than 13% over the past three weeks. Many Americans were already worried about the stock market leading up to this sudden dip.