Emergency Funds

[SheJag]

Most personal finance books agree: the first thing you should do - after meeting basic needs, and while reducing spending - is to start an emergency fund.

How many of you have an emergency fund? Do you measure it in terms of months of basic expenses or do you have a set figure (say $5,000) as a savings goal?

 

[Shamocha]

I'm working on that emergency fund. I would like to have at least 3 months expenses (rent, car, bills, food) saved up in an emergency fund. I do have emergency credit cards.

 

[Olde Hornet]

I have 6 months for Emergency funds. I measure in what it will take based on my living expenses.

 

[Warndalyn]

I'm currently working on mine now. Going thru an entirely new budget system/plan.

 

[jelli]

I am working on mine. Plan for it to be 6 months of my monthly basic expenses.

 

[Da_Sperm]

If I can keep these dayum emergencies from happening, I could build up an emergency fund. I'm on it though.

 

[FAB5]

Have had it for yrs., thank God haven't had to tap into it yet...in a big way.

 

[Fortitude]

Having gone to Dave Ramsey's Total Money Makeover, I'm working on it.

 

[kellis]

We've been working on one. :tup:

 

[truthteller]

Yeah, these are good to have. I learned this from Suze Orman back in 2002. After I cleared up my bad debts, I started putting away money in 2004 for an emergency fund. I have 8 months emergency saved....and aiming for a minimum of 18 months. That way I can sit down somewhere for a while should I make a major move to another state later in life..or want a career change.