Emergency Funds
patrickblo13
Posts: 831 Member
in Chit-Chat
I know everyone's situation is different, but generally how much money do you think should be kept aside for emergencies?
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Replies
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Enough to cover 3-6 months of expenses is the general rule.3
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Six months worth of expenses.0
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EEk! We're supposed to put some aside!??!!
Lost my job in July, luckily I had put aside three months worth....That's pretty much long gone already...lol...SAVE BIG my friends!1 -
Save three to six months of basic expenses to avoid having an unnecessarily high level of reserves.
To determine how much you should have in your emergency fund, identify your “core expenses,” which represent the amount you absolutely need to live on without going into additional debt. You don’t need to include discretionary spending — such as cash for hobbies, spa treatments or vacations — in this figure.
https://www.nerdwallet.com/blog/finance/debunking-5-emergency-fund-myths/0 -
The moar the bettr.2
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I have a modest stash of Beanie Babies & WWF Action Figures.
With their value.... well, I have no worries.5 -
I am working toward a 6 month fund. I figure 6 months gives me time to find a decent job.0
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I know how much should be set aside...I laugh becauseMotorsheen wrote: »I have a modest stash of Beanie Babies & WWF Action Figures.
With their value.... well, I have no worries.
+1 because you called them WWF and not WWE. #foreverwwf1 -
Motorsheen wrote: »I have a modest stash of Beanie Babies & WWF Action Figures.
With their value.... well, I have no worries.
I'll trade you an iPhone with flappy bird installed.0 -
Good info, thanks for sharing0 -
What type of emergencies are you talking about? $5000 is enough to repair a car, replace a broken appliance at a house, and deal with a co-pay on a medical bill. Six months is always a good goal so you can handle a job loss. If you have another source of funds (e.g. spouse or parents) that can help you out you may not need as much. I personally carry disability insurance and have a very secure job so I don't need a full 6 months saved, but your situation may vary.
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What type of emergencies are you talking about? $5000 is enough to repair a car, replace a broken appliance at a house, and deal with a co-pay on a medical bill. Six months is always a good goal so you can handle a job loss. If you have another source of funds (e.g. spouse or parents) that can help you out you may not need as much. I personally carry disability insurance and have a very secure job so I don't need a full 6 months saved, but your situation may vary.
I am thinking job loss but I am in your same boat. Plus my wife works and has a decent job so there would still be income flowing in if one of us lost our jobs.
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Caporegiem wrote: »Motorsheen wrote: »I have a modest stash of Beanie Babies & WWF Action Figures.
With their value.... well, I have no worries.
I'll trade you an iPhone with flappy bird installed.
I already have 3 of those listed on Ebay
.... just waiting for my ship to come in!0 -
devilwhiterose wrote: »I know how much should be set aside...I laugh becauseMotorsheen wrote: »I have a modest stash of Beanie Babies & WWF Action Figures.
With their value.... well, I have no worries.
+1 because you called them WWF and not WWE. #foreverwwf
thanks?0 -
Like everyone else said, 3-6 months, but I did mine for 6 months worth of expenses and still sometimes contribute any extra I have lying around, because sometimes it can take time to find a job (the right one).
Emergency fun is a great idea, because it allows you to live stress free while out of a job without actually dipping into your personal savings.
Good luck!!0 -
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$10K0
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GnothiSeauton23 wrote: »
Maybe they'll accept coupons.0 -
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GnothiSeauton23 wrote: »
Lower your standards. Gotta make the money last.0 -
When I was unemployed for 9 months in 2012, I was so glad I could afford to be choosy.
I did go into that situation with no children, no debt, and low rent.0 -
I put aside 6 months but had to increase that amount because the cost of living went up so much. About 25% around here.0
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I got a quarter a penny and some lint
Lint can be quite valuable.
That being said.....
The older I get, the less I care about material stuff. Having a financial cushion is smart and is much preferable to owing a lot of gear that just weighs you down. Life is a journey; travel light.1 -
Motorsheen wrote: »I got a quarter a penny and some lint
Lint can be quite valuable.
That being said.....
The older I get, the less I care about material stuff. Having a financial cushion is smart and is much preferable to owing a lot of gear that just weighs you down. Life is a journey; travel light.
Wanna buy it? It's pretty light
Sign me up for a kilo.
You take coupons, right?0 -
Motorsheen wrote: »Motorsheen wrote: »I got a quarter a penny and some lint
Lint can be quite valuable.
That being said.....
The older I get, the less I care about material stuff. Having a financial cushion is smart and is much preferable to owing a lot of gear that just weighs you down. Life is a journey; travel light.
Wanna buy it? It's pretty light
Sign me up for a kilo.
You take coupons, right?
Sorry just iou's
Perfect
It will be on a stained bar napkin written in either crayon or lipstick.0 -
About $200000
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