How much should be in this emergency fund? I've seen or heard a pretty wide range of advice on this—from three months worth of living expenses on up to a year. The Wall Street Journal Lifetime Guide to Money says, "Financial experts generally recommend that people have an emergency fund equal to between three and six months' spending money." Personal-finance author and television host Suze Orman seems to recommend at least eight months. (See: Suze Orman's Twelve Steps to Wealth, Step Four (at Oprah Magazine).) In an economy such as we have now, one might argue it's desirable to have a bigger emergency fund. 3, 6, 8, 12—how important are these "months of living expenses" targets? This past weekend, Suze Orman told a caller into her television show that she couldn't afford a $3,300 "luxury coffee machine" because her $50,000 in savings was not enough of an emergency fund. The caller's profile looked like this: So not only did the caller have $50,000 in cash, she (and her husband) had $2,000,000 in retirement. Suze Orman's point was that they couldn't (or in most any case shouldn't) touch the retirement funds, and they were only able to save a small amount each month based on the difference between their income and expenses—and what would happen if one of them lost their jobs? Now many things crossed my mind at this point. What type of person would spend $3,300 on a coffee machine in the first place? How exactly does one spend $10,200 a month—not just here and again but as the amount of your regular monthly living expenses? How the heck did they get the $2,000,000 in their retirement accounts? And am I really going to sit around and watch personal-finance shows now that the Olympics are over? Using an online mortgage calculator, I figured the caller's mortgage payment at about $2,740/month. Based on the information reported, it didn't appear that the caller had any other debt (such as car loans, personal loans, or credit card debt)—as those items are usually noted for callers into the show. So what was the caller having to do with the other $7,460/month in living expenses—totaling $89,520/year! This one's a head scratcher for me and made me wonder if the caller miscalculated her monthly living expenses. The couple accumulated $2,000,000 in retirement accounts by the time one of them was age 44. Perhaps the husband is older, but the $2,000,000 still made me think they had to have been pretty good savers for many years—even though they apparently have some expensive tastes (such as a $3,300 coffee machine). Is it possible they're including their contributions to retirement accounts as part of their monthly living expenses? When I do rough calculations of our monthly expenses, I actually do start by including our retirement contributions and other automated savings and investment plans. My thinking is that, even under an emergency, I'd hope to keep those savings and investments going. Of course, if the emergency came and were severe, we would be able to scale those back and stretch funds farther. I actually have to confess we no longer track a separate emergency fund. When I first started paying attention to my personal finances, I started setting aside some money each month for an emergency fund. First, I aimed toward a more modest three months of living expenses; and later, I built up toward six months. I married my wonderful wife; we got our personal finances together fairly well; and at some point, our cash position became strong enough that keeping a separate line item or account for an emergency fund and calling it an emergency fund no longer seemed important. I would look at our cash reserves compared against our monthly expenses here and again—but I stopped keeping a line item labeled, "Emergency Fund," and having it in a separate savings account, and so forth. I probably need to take a new and closer look at that, unfortunately, as we have depleted some of our cash position with our landscaping project. My two cents on emergency funds can be summarized quickly (and may not be worth much more than two cents): What about you—do you have an emergency fund, how much is it (or how many months' living expenses are in it), and how do you calculate your living expenses (if that's part of how you are figuring your emergency-fund goal)? Related Posts: The Lady Who Wouldn't Pay Off Her Credit Cards Even Though She Had The Money The Lady Who Wouldn't Pay Her Mortgage Lessons from the Millionaires — What Makes Up PFBloggers' Net Worth? (Part 3)If you're a rainy day planner and a reader of personal-finance blogs, you probably have an emergency fund—some money you've specifically set aside and don't touch, to be available in case something goes wrong. Losing a job. Unexpected medical expense. And so on.
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Since both of us are working, I only keep 3K liquid and the rest in non retirement investments.
My job is extremely stable. Therefore our savings are not extreme.
If either one of us lose our income. We can still comfortably live on one salary
"At some point, I think you could have too much money sitting in cash, earning a low interest rate (possibly or probably less than inflation). "
At what point would you say you have too much sitting in cash? When it reaches 50K? When it is more than 10% of you net worth?
I have struggled with this question for a while and have not come up with a good answer.
Great Post! I can tell that a lot of thought went into it.
My feeling on emergency funds is that from a simple sense of security point of view they are important. I always find it good to have the knowlegde that the fund is there should anything go wrong.
As for the woman with the $50k fund - I read somewhere that your expenses rise to match your income. Well that certainly seems to be true in this woman's case!
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Every day people break through the to the unseen world of credit by getting first time credit cards. To some of us, this is arbitary. Most of us have credit cards and use them everyday. but most of us, don't use our credit cards to help us organize our financial life and better ourselves. we use them to fulfill our buy now pay later mentality, and let's face it, this has a very bad effect on our lives. wouldn't you agree?
This year I am making my New Years Resolution to do a couple of things that all work hand in hand. This is The first time I am doing this. My credit is beyond bad and my credit cards have very low limits on them.
1) Keep better track of my finances. Every day of my life, I spend money. even if it is 5 or 10 dollars for lunch. But what i don't do every day, is write down how much I spend. why? because it's annoying. this year, I will write down every single dollar I spend on a white board. It will be easy. i will simply save all of my receipts, and put them in a shoe box under the white board. and when i feel like it, I will go through them and write them on the board. this way I can see what I spend.
2) I will pay off my credit card and have it be my sole use of finance. This way every dollar I spend is recorded not only on my white board, but on the credit card statement i receive through email, and i can view it at any time. At the end of every month, I will pay off my credit card in full. My credit card only has a 500 dollar limit on it, so it will be very easy not to spend beyond my means.
3) I will also write on my white board exactly what I spent my money on. So this way, when I am looking at it, i will say gee, I really didnt ned that kit kat bar, or those cigarettes, and I will essentially be ashamed for spending money that I didn;t need to, because it will be staring me in my face every day.
I have started a blog for my program, and will record my spendings publicly. I invite all of you to join me, as of course this will work if we follow through on it. Anyone who wants to better themself financially should join me, because we are products of our enviornments, and if we all are working on the same thing, naturally together we can become smarter financially. Happy Holidays Everyone, and Here's to a Happy and successful New Year!
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