Safety Net:  a safeguard against possible hardship or adversity.

In the Savvy Groomer's Roadmap to Financial Success step two is to have a starter safety net.  This is a small amount of liquid money you have available to you in the case of something unexpected happens.  You can put this money in a savings account, an envelope in your sock drawer, a safe, anywhere that works for you.

How much should I set said?

$500 - $1000 as an employee

$1000 - $2000 as self employed / employers