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Emergency Fund

Discussion in 'Personal Finance' started by Bridget Mallory, Jun 19, 2018.

  1. Bridget Mallory

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    How Much Should I Put in an Emergency Fund?
     
  2. twerpner

    twerpner Active Member

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    I think 6 months worth of living expenses is about right
     
    T0rm3nted likes this.
  3. T0rm3nted

    T0rm3nted Moderator
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    That's about what I usually hear too. Some people say 3 months, but 6 would definitely be safer.
     
    Syynik likes this.
  4. Bridget Mallory

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    Thanks a lot for your replies, will definitely keep that in mind. Just started with my emergency fund
     
  5. Bridget Mallory

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    experts say at least 3 to 9 months... i got 5 months :) and I think it's good enough
     
  6. LanimcIntyre

    LanimcIntyre New Member

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    Having an emergency fund of at least 5-9 months in good for the hard times. The emergency fund helps in financial instability. But people use these funds in normal times also, one should be firm and use these funds in case of emergency only. Even business plans should include emergency fund as a part else the business will have to opt for factoring invoices to face the financial crisis. An emergency funds of 5-9mmonths can help in hard times.
     
  7. Syynik

    Syynik New Member

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    I've been awful with my EF the last few years-every time I build it up, I invest in something else! My goal this year is to get 6 months' worth set aside, -THEN- I want to aim for two years' worth set up in a high yield savings account.
     
  8. timotheebernard

    timotheebernard New Member

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    At a minimum, you should have three months of living expenses in your emergency fund This means if you need $3,000 a month to cover your basic needs like your mortgage or rent, utilities, gas, and food, then you need $9,000 in your emergency fund.
     

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