Emergency Fund and Severance

[corn18]

My company has a severance policy in writing if you are let go (not fired for cause). For me, it is enough for 6 months of EF. I have been socking away EF dollars and have enough for 10 months of EF or 5 months of just spending what we spend now. With the severance, I would be at 16 months of EF. I think with the severance pay that is enough for now. Going to stop adding to the EF.

Tom

[creditcardfree]

Thank makes good sense. What is your next goal financially? Do you have debt to pay off or other things to save for? Are you moving on to more investments?

[corn18]

Thank makes good sense. What is your next goal financially? Do you have debt to pay off or other things to save for? Are you moving on to more investments?

All funds are full right now (college, EF, car, home repair). No other debts except mortgage and I'm moving in the next 3 years, I have equity and a low rate, so that can stay as it is. Retirement is on track but could always use more, so I have beefed that up with the amount I was sending to the EF. I am saving 32% of my gross income right now, which is a lot better than where I was 2 years ago when I first stopped in here.

[creditcardfree]

All funds are full right now (college, EF, car, home repair). No other debts except mortgage and I'm moving in the next 3 years, I have equity and a low rate, so that can stay as it is. Retirement is on track but could always use more, so I have beefed that up with the amount I was sending to the EF. I am saving 32% of my gross income right now, which is a lot better than where I was 2 years ago when I first stopped in here.

That is super! I'm always looking to add to retirement too, we are at 17.5% of gross. I'm sure that increase in retirement will help you catch up fast.