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Thread: Emergency Fund

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    #1

    Emergency Fund

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    I'm working on my personal finance goals because my money situation has changed in a positive way so I can save and pay off loans better now.

    That said, what amount (in terms of monthly expenses) is your emergency fund? I define an emergency fund as an easily accessible account that you would use for unexpected stuff.

    Mine is currently 2 months worth of my expenses. My goal by the end of January is 3 months of expenses simply because that's the recommended amount by most planners. I don't have kids or a pet so it seems like plenty. I'm just curious what others feel comfortable with and why.
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    #2
    We currently have about 10k, which is about 2 months of expenses if we are super tight. I just got a raise so we are saving more for savings/kids/house etc...
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    #3
    I just went through Dave Ramsey's Financial Peace University through my church. I know that they recommend 3-6 months worth for an emergency fund. Right now, I have the $2000 emergency fund for emergency car expenses, house repairs, deductibles, etc. I am currently working on paying off some debt from my first marriage and then will begin on my 3-6 months emergency fund.
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    #4
    We have about 2K right now; but, have had expenses from the move.

    We are putting money into a ROTH IRA right now.
    "Obstinacy is a fault of temperament. Stubbornness and Intolerance of contradiction result from a special kind of Egotism, which elevates above everything else the pleasure of its own autonomous intellect, to which others must bow.: Carl von Clausewitz
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    #5
    We have about $10k of emergency fund/savings.
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    #6
    We have 3 months worth of no touch money. Then we have more that we use for PCS, Christmas, repairs, etc. As that amount grows it gets dispersed between the Money Market, Roth IRA, and regular savings. We also have the TSP. We'll take money from the savings as needed--that is where the saved amount for Christmas, birthdays, a cushion for other items, etc. is stored. Emergency/unexpected items (that go above the cushion in savings) come from the Money Market. And the IRA and TSP are left untouched.
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    #7
    We have $10k in our emergency fund which is prob about 4 months of expenses ... right now I'm focusing on my 401k and IRA but if I feel more comfortable I may start keeping money in more liquid accounts too. The $10k is in a savings account but later we'll ladder some CDs so we can at least have it earning a bit more interest.

    I'm hoping I get a promotion in Nov. and then another big performance bonus so if that happens we're going to re-evaluate.
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    #8
    Quote Originally Posted by Dr.VinoVet View Post
    We currently have about 10k, which is about 2 months of expenses if we are super tight. I just got a raise so we are saving more for savings/kids/house etc...
    BABY VEENS!!
  9. In vino veritas
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    #9
    Quote Originally Posted by Enthused Meerkat View Post
    BABY VEENS!!
    Calm your (according to Trina, singular) tit. Its not even gonna start until next Sept? Ish? And thats a biiiiiig maybe.
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    #10
    Quote Originally Posted by Dr.VinoVet View Post
    Calm your (according to Trina, singular) tit. Its not even gonna start until next Sept? Ish? And thats a biiiiiig maybe.
    Yea...I wanted to wait at least 5 years and you see how I stuck to that plan.
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