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The importance of an emergency fund

Submitted by DrMike on Mon, 2007-10-08 20:24. ::

I think everyone has heard of the emergency fund, and most agree it is a good idea, but I do not hear of too many people who actually have an emergency fund. A little pile of cash stowed away somewheres with easy access that can cover your living arrangments for 6 months in case of loss of job, sickness, any variety of things really. If you do not have one now, I urge you all to get working on your emergency fund!

‹ Always max your retirement fund Investment Reading ›
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DrMike's picture

Very good points dallasld!

Submitted by DrMike on Tue, 2007-10-09 22:04. *

Very good points dallasld! Thanks for hitting the points I missed.

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dallasld's picture

Another great post DrMike. I

Submitted by dallasld on Tue, 2007-10-09 00:56. *

Another great post DrMike.

I would add if you are swimming in debt, you might want to reduce the amount of your emergency fund to your car insurance deductible and starting working off that debt.

Also if you are in a unique situation you might not need to carry 3-6 months living expenses. For example, I am active duty military and there is pretty much no chance I am losing my job, so I just carry a $1000 emergency fund, so if I have to pay my car insurance deductible I am covered, since I need my car to get to work.

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