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Originally Posted by Sweepsplayer
This is off-topic, but is $1000 really enough for an emergency fund? I know this is one of Dave Ramsey's preachings, but for me $1000 wouldn't get my family through 1 month of hard times, let alone 3 to 6.
By the way, my EF money is split between HSBC and GMAC.
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The $1000 is for most small emergencies. DR suggest starting with that amount because the average house needs $10k to $20k for 3-6 months and it would be difficult to save $20k while you are paying on CC's.
We just had a small emergency. Not a big one. We have to fix the gas sensor in our van. $600 bucks. I could use the emergency fund for that but we are going to try and just raise the cash since it's not critical (my wife can record mileage instead of using the gas-guage.)
So, $1000 will cover most small emergencies. It's a temp thing.
cbmeeks