I have recently fully funded a two tiered EF. The bulk is 6 months expenses plus a smaller amount which I believe will cover most non-doomsday type emergencies. The 6 months worth of total expenses includes my Roth contribution and sinking funds for things like car maintenance, but not my personal (short and mid-term "fun" goals) savings. The second tier is a much smaller amount which would cover things like my max out of pocket expenses for a year of health care, any major car repair, or any major vet emergency. The 6 months is meant to cover job loss or really catastrophic events.
In reality, I could and would cut some expenses and stop contributing to my Roth in a real emergency. This would add a month or two to the funds, but it makes for an easier and more conservative calculation to count all spending. Additionally, whatever personal savings I had amassed at the time the emergency occured could of course be used to extend my EF further.
I realize the two tiers are really just one big pot of money, but I like to see them as separate buckets. Who me, OCD?
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