How much do you have in your emergency fund?
By Stealthy at 26 January, 2009, 8:13 pm
I know most financial “guru’s” tell you to have 3-6 months income put into an emergency fund, but I’m wondering how much people actually have put away. This number will definitely vary based on how conservative a person is with their finances. I’m a pretty conservative guy. Not as conservative as my wife, who wants to put every dime we have into a high yield savings account, but I’m pretty conservative.
Both my wife and I drive cars that are nearing 10 years old and each could need a major repair unexpectedly. We may even have to just buy a newer used car in the near future depending on the problem. I personally would feel more comfortable with having about $10k in a high yield savings before I start paying off debt. This $10k should be enough to purchase a decent used car with some left over.
This would account for about 5 months & 1 week of pay for my wife and I. This falls into the guidelines of 3-6 months. (I just calculated while in the middle of this post) This makes me feel better seeing we will have almost 6 months of income saved up. We currently have about 4 months saved up, but should reach our goal within 2 months.
I’m curious as to how much other people have saved up. Let me know with a comment
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