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Based on PF Blogs, I know some finance experts advocate that you have $1,000 in an emergency fund. I am more comfortable with $2,000. One "real" emergency can cost you $1,000 and then you have nothing. I had a small fire once in my condo’s electrical box and had to have several panels replaced. That cost me almost $800 in one day.
With a $2,000 emergency fund, if you run into one emergency, you still have some funds leftover to handle the next one while you try to build the account back up to $2,000.
For now, I have a $1,000 e-fund but I am trying to build it back to $2,000.
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5 comments:
good point, but the $1000 is just a starting point. Once the debts are paid off, then your goal is a FULLY funded emergency savings of 3-6 months of your income. For me I wouldn't be comfortable with anything less then 6 months of income setting in the savings.
My goal is to have 6 months of income in case of job loss (look at Krystal).
Saving Diva...Who is Krystal?
1,000 is the baby emergency fund that everyone should have. If 2,000 is what makes you feel comfortable then go for it. Each person's situation is different.
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