Emergency Funds

Options
patrickblo13
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?
«1

Replies

  • km8907
    km8907 Posts: 3,861 Member
    edited September 2016
    Options
    Enough to cover 3-6 months of expenses is the general rule.
  • cwolfman13
    cwolfman13 Posts: 41,874 Member
    Options
    Six months worth of expenses.
  • JustMissTracy
    JustMissTracy Posts: 6,339 Member
    Options
    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!
  • cee134
    cee134 Posts: 33,711 Member
    edited September 2016
    Options
    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/
  • NorthCascades
    NorthCascades Posts: 10,970 Member
    Options
    The moar the bettr.
  • gkingbr
    gkingbr Posts: 292 Member
    Options
    I am working toward a 6 month fund. I figure 6 months gives me time to find a decent job.
  • devilwhiterose
    devilwhiterose Posts: 1,157 Member
    Options
    I know how much should be set aside...I laugh because
    Motorsheen 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
  • Caporegiem
    Caporegiem Posts: 4,297 Member
    Options
    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.
  • patrickblo13
    patrickblo13 Posts: 831 Member
    edited September 2016
    Options
    cee134 wrote: »
    https://www.nerdwallet.com/blog/finance/debunking-5-emergency-fund-myths/

    Good info, thanks for sharing
  • Pathman1
    Pathman1 Posts: 52 Member
    Options
    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.
  • patrickblo13
    patrickblo13 Posts: 831 Member
    Options
    Pathman1 wrote: »
    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.

  • Motorsheen
    Motorsheen Posts: 20,494 Member
    Options
    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!
  • Motorsheen
    Motorsheen Posts: 20,494 Member
    Options
    devilwhiterose wrote: »
    I know how much should be set aside...I laugh because
    Motorsheen 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?
  • tatilove1988
    tatilove1988 Posts: 318 Member
    Options
    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!!
  • Timshel_
    Timshel_ Posts: 22,841 Member
    Options
    $10K
  • km8907
    km8907 Posts: 3,861 Member
    Options
    GnothiSeauton23 wrote: »
    Timshel_ wrote: »
    $10K

    Ugh this wouldn't last me a week. Strippers are expensive!!

    Maybe they'll accept coupons.

Categories