Do you have an Emergency Fund? And if so, how many months worth of expenses do you have saved?

[mama22qts]

We have five months' worth put back. With the field that DH is in, we need every bit of it.

[neelia]

Unfortunately, I don't right now. But my boyfriend has a good amount in savings and makes enough to help me out if I need it. Once I get a few credit cards paid off, I'll start establishing one.. but until then there's no way I can even start one.

[soapstone]

We have two months right now, but most of that will be used to pay for my husband's barbri classes. We'll be able to build it up once he starts working in August. In a true emergency we could take some money out of our Roth IRAs.

[redemption_song]

We don't right now, but starting one is our major 2009 goal aside from paying off debt (that will be done in March!). We have a very secure guaranteed income that will cover months expenses (barely) if we really tighten our belts, but our goal is to save up at least 6 months worth of DH's monthly pay in the next two years.

[Mom2my3sons]

I guess it would depend on how bad the emergency was. LOL I have several different accounts for different things. I have one account I would call our 'emergency fund'. I have another account that is suppose to be part of the kids college fund. But if we needed food to eat it could go. Food now is more important than college 15 years from now. We also have a stock account that we could sell off and have cash in less than 48 hours. If we went to bare bones spending we could last up to 1 year with my dh not working. That's assuming there were no medical bills. But if I went just off our 'emergency' fund, we could go 4 months.

We will be paying off our van in the next month. After that we will be saving $200 a month for our next vehicle. That fund could also be used for an emergency.

[evelester]

Right now my EF is only about 1/2 a month, but by the end of this month it should be a full month- if all goes well! LOL I plan on having 3-6 months funded, but it's gonna take time

[MaryMary]

Your EF may vary depends on your income situation.
People with relatively secure jobs might have less. But do know what your employer offers when and if you'd be asked to leave: how many months of pay they'd give you, if you can take your pension plan, you health insurance payments, etc.
Self employed people and seasonal workers should have more then people having regular jobs.

I do not believe in starting paying your debts before building your emergency fund: another emergency might strike up throwing you deeper into debt. If I have lets say $300 per mo. to spread between savings and costliest debt, I'd do $200 to savings and $100 to debt.

[couponnewbiemich]

I don't have an EF right now, but come tax time I will have my full refund to work with. I need to pay off some debt, which comes to about $1100.00 and the rest of my refund is free and clear.

Does anyone know what my best option would be with the rest of it? I'm not very savvy when it comes to financials, so any advice would be appreciated.

[smiles]

We keep meaning to start one, but then something always comes up. Right now we are concentrating on paying off debt and everything.

[mom2Isaac]

I have enough EF to cover, hmmm, let's say Mcdonald's two for $2 sausage biscuits. Which I despise... so I wouldn't waste it.

Hahahaaa...

I have been out of work for two months, and that would explain it.

I just started working again, so within the next year I will be working on having at least three months worth.