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Emergency Funds? Do have any? How much or how many months worth?

I don't have any but I'm wanting to start saving some but I'm not sure how much or where to save them.

 
QandA

Asked by QandA at 8:19 PM on Apr. 16, 2010 in Money & Work

Level 26 (26,827 Credits)
This question is closed.
Answers (7)
  • We have about $4500 in funds we can get to quickly. We have other investments but it would have to be a dire emergency to pull that out. We have a regular savings account and I started a savings account online with ING. It's only $50 a month but it adds up and is much easier to save because it is taken directly out of our checking account every time dh is paid.
    itsmesteph11

    Answer by itsmesteph11 at 10:14 PM on Apr. 16, 2010

  • i HAD some but had to spend it. I keep at least a grand in savings, once all my debt is clear, I'm going to build it up to at least 6 grand
    mhaney03

    Answer by mhaney03 at 8:28 PM on Apr. 16, 2010

  • you want to put it in a regular savings. being that it is emergency money, you need it in a place where you can get it fast. Not a CD or investments.
    mhaney03

    Answer by mhaney03 at 8:29 PM on Apr. 16, 2010

  • Some CD's you can get into. We have some savings, a 401K and another savings account. If we needed to get into it, we could. I'd rather not, it's for the kids for college. Just put aside fifty bucks every two weeks.
    Anonymous

    Answer by Anonymous at 8:36 PM on Apr. 16, 2010

  • We've got about $20,000 (about 22% of dh's yearly pay) available to us in stock options if we needed it. We're also debt free (other than mortgage) and have about $35,000 in available equity and another $25,000 available on a credit card if worst came to worst. We live very frugally (pay cash for EVERYTHING and are firm believers of living within our means) so (knock wood) hopefully won't ever need to touch any of it.

    Kudos to you for wanting to set up emergency funds. The best advice I can give is to set up a savings account and every month when you pay your bills pay your savings account too - and DON'T TOUCH IT! That's how we started. (:
    Anonymous

    Answer by Anonymous at 8:46 PM on Apr. 16, 2010

  • We have $1000 give or take a little. That would get us through a month, maybe a month and a half since we pay all of our bills a month in advance. Later we will build it up to about $10,000 which would get us about 9 months.
    Anonymous

    Answer by Anonymous at 12:03 AM on Apr. 17, 2010

  • Get $1,000 emergency savings in a savings account. You need it to be easily accessible for real emergencies, with no penalties for withdrawal. Then focus on any debts being paid off. Once that's done, then focus on building up 3-6 months worth of expenses, also in something low-risk with no penalties for withdrawal. How much money that is depends on your lifestyle and area. You don't want to have it in retirement accounts that would be taxed if you had to take money out early.
    halfpint_ny

    Answer by halfpint_ny at 9:26 AM on Apr. 17, 2010

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