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by Scrappy on February 18th, 2009
we are supposed to have an emergency fund? cool. I better not have an emergency cause I am in BIG trouble. Everyone is saying 3-6 months expenses.. I am in super big trouble. :)
by A chillin buttercup on February 18th, 2009
As much as you can!
by anonymous on February 18th, 2009
I've heard that it's anywhere from 3 to 6 months of average expenses.
by failed_stoic on February 18th, 2009
I already used mine. It was about $2,000. I don't know what the average is.
I had to drain the funds to care for a sick relative. And I thought that I was saving for an Alaska hiking expedition.
...
I'm looking into becoming a professional mental patient. They don't make good money but they will never lose access to it. The challenge for me with that profession is that I think that most pills are over prescribed, so I'll have to chit-chat about nonsense instead.
by Lindsey on June 23rd, 2009
-If you have debt to pay off: $1000 minimum, and apply anything extra to the debt
-If you're debt free: 3-6 months of expenses, or more if your job is not very secure or your income fluctuates wildly.
by laobali on May 30th, 2009
Whether you call it a cushion or emergency fund, it is part of your assets which you should be building up continuously, no matter how difficult it may be to do right now. Don't put a number on it, but as several have said (including my financial 'goddess' Suze Orman) between 3 and 8 months of being out of a job or unable to work.
It's tough, especially when you are young, as there are so many things you think you need and have to buy as all your friends have them, but if you can discipline yourself and save some money every month, it will become a habit you won't be able to break – a very good one!
by King Tom on February 18th, 2009
Enough to sustain you for 3 months.
by pedmen on July 13th, 2009
suzy orman says you should have 6-8 months of reserve of your normal monthly income.
by Henderson on June 21st, 2009
at least 50 grands.
by Kewl Guy - has gone 360 on February 18th, 2009
at least 1000.00!! if your lucky
by Suby the Coat on February 18th, 2009
Money enough to meet personal/family needs for 1 year. This can be calculated by previous years total expenses + 20% to allow for inflation.
Then for medical emergencies the amount required for a heart surgery and recuperation should be kept.
This will take care of unforeseen medical expenses of any kind.
.
Anything less than this in a Savings Account will prove insufficient.
by celer09 on February 18th, 2009
6-8 months of bill payments. different for every person obviously. but unemployment only covers so much. add up your car payment, mortgage, taxes, car insurance, utilities, etc, and multiply it by 6 or 8 depending on how much you think you can scrounge up. that's a good cushion.
they give that amount cuz it usually takes an average of 6-8 months at most to find a new job
by bag100 on May 23rd, 2009
good answer
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Comments
+6 and thank you for answering
by Miss Anubis loves this season on February 19th, 2009