Do you have an Emergency Fund? And if so, how many months worth of expenses do you have saved? - Page 9

Lori63 · 02-16-2010, 03:27:13 AM

We have $500 in savings for car repairs if needed, in case the washer blows up, etc. We are socking everything else towards debt.

angseymour · 06-16-2010, 07:05:51 AM

We are very fortunate to have about 24 months EF, no debt, including no mortgage. My DH was a contractor, before the recession hit and we were able to build our house with no mortgage. We have always been workers and savers. My DH always said this day would come, regaring the housing market, so we always saved for that rainy day. I am employed full time with a decent salary and benefits and my salary covers the monthly utlitites, food, transportaion, etc. My DH still does small jobs and his income covers anything else including vacations, yearly car ins, house ins, property taxes. I also save about 30% of my income, contribute to my 401k and we fully fund our Roth IRA's every year. We also have a college fund set up for our daughter. Although, it has been tought the past couple of years, we really are lucky we saved and were frugal all those years he was making really good money.. By, the way we were only 36, when we built our house with no mortgage and had no debt, that was 5 years ago, and I feel we really worked hard and saved our money to get to that point. We have a lot of friends in the same type business, who are really having a rough time, because they did not save for that rainy day. I feel really blessed we are in this situation, it could have very easily been the other way around.

cecaic0609 · 06-16-2010, 12:57:35 PM

Haha, my rent is a month behind, I wish I had an emergency fund. Heck, I'd settle for enough money to cover the bills I already have.

scentednights2002 · 07-17-2010, 04:20:04 AM

We have about 9 months if we're careful. It's not as much as I'd like but we're working on it.

Daisy · 07-31-2010, 06:37:14 AM

I have almost a year's worth of EF but in this economy Im nervous about that. I'm working on saving even more while still putting money in my retirement account.

uummm · 07-31-2010, 07:29:58 AM

Strictly speaking Emergency Fund -We have about 4 months (i think) not including if DH were laid off he would get 10 months severance. We have one debt left (besides our mortage) and it is a 0% discover card balance and since it is 0% LIFETIME there is no need to pay it off anytime soon-and if they decided to up the rate (which they can do) we can pay it off with the emergency fund and that would get built up pretty quickly again.
We have a local bank that gives 4.5% on our checking account so that is where our EF fund and regular monies is. My husband has it so that all our money in this one account and he can figure out what money is where and who's is whos. Our kids savings are in there until we cap out at 25K.
We do have a vacation fund (which is funded solely by rebates) and we use this fund for Christmas too-however this money is not in that account because we need a place to deposit money locally and where his check is direct deposited isn't close at all.
We have 401Ks also but these are not included in a TRUE emergency fund.

SariniLynn · 08-12-2010, 04:11:56 PM

You forgot an option on the poll. We have a "baby emergency fund" of $1000 until our debt is gone...

shelleyf · 08-12-2010, 04:15:35 PM

I wish I had an emergency fund. I don't even have $20 after bills this week. My electric bill is eating what little money I do have and it is messed up. It is 84 degrees in here and my bill is $350. I don't have money to fix it so I am suffering through the blazing summer and the winter is looking very cold. Please pray I get money, I am not in a good mood about this:(

angelaira · 08-13-2010, 01:59:17 AM

I have a pension from the military that I get every month, and I have one months worth of expenses put in a savings account just in case. In the last few years I went through a divorce where I lost everything, then my ex's parents sued me (for money he owed, lol!), forcing me into bankruptcy, and after all of that I am now just rebuilding my credit and starting to save again. I have all of my expenses down under the level of my pension, so as long as the government doesn't completely collapse, I should be ok...