Our actual expenses are $5k/month, though we could probably make it on $4k if a job was lost. (This is just expenses - not savings).
I personally started with a $4k figure to start my emergency fund. For the long run I rather have $5k x X in the bank. But I think when you are starting an efund it is okay to start smaller. As you meet your goals, increase them. Otherwise it can feel rather futile.
(I am also okay with the $4k figure because assets can be sold, and unemployment or disability or other insurance would likely kick in, in emergency. But in the end, I am kind of in the "more is better" mentality).
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