My personal goal is about 8 months of expenses for an emergency fund. This would include emergencies such as getting fired from a job, but also if (once I buy a house) if our stove quit working, and we need to buy a new stove. Or if one of my pets get sick and needs a surgery, etc.
Also, when I buy a home, if I buy it with a partner and pay 50/50 for the monthly bills I would still count my monthly expenses as the entire mortgage/expenses that we both share, just in case the relationship didn't work out.
Yeah, this may sound like it is going to far, but I just don't like to rely on someone else always being there with me. I want to be able to take care of things on my own.
My current emergency fund (of CURRENT expenses) is approx. 6 months worth. Although, if I was really in a bind I could use my money I have saved up for a down payment as well.
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Originally Posted by kilapapipa
Sorry for the Hi-Jack but what if you are on a contract such as a teacher, Sept.-Aug? I might find out in May that I do not get my contract back but I will get paid through Aug. We have LTD as well. Plenty of time to get another position.
Point is, our EF need only be a couple grand if that since we are both teachers. Right now, it is 5K but I may not need that much. Any advice on this?
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Just because you are both teachers doesn't mean you couldn't lose your job. It also doesn't mean you couldn't have trouble finding another job. I would definitely keep at least $5,000 around! What happens if there is another kind of emergency in your life, such as your heat doesn't work and you need to pay for your heating to get repaired in your house? This wasn't meant to be a mean comment, just something for you to think about!
