(Closed) Do you have an emergency fund?

posted 5 years ago in Money
  • poll: Do you have an emergency fund?
    no emergency fund : (28 votes)
    25 %
    1-2 months of living expenses saved up : (21 votes)
    19 %
    3-4 months of living expenses saved up : (12 votes)
    11 %
    5-6 months of living expenses saved up : (22 votes)
    20 %
    7-8 months of living expenses saved up : (5 votes)
    4 %
    9-10 months of living expenses saved up : (3 votes)
    3 %
    11-12 months of living expenses saved up : (4 votes)
    4 %
    over a year's worth of living expenses saved up : (17 votes)
    15 %
  • Post # 3
    Member
    11752 posts
    Sugar Beekeeper
    • Wedding: November 1999

    We do! However, Fiance was unemployed for a year  before and the emergency fund did not last too long – but we were still fine on just my income and his unemployment.  We have zero debt right now (other than mortgage and his car payment) so not much to worry about.

    Post # 5
    Hostess
    16213 posts
    Honey Beekeeper

    We have a general savings right now intended to be an emergency fund, as well as where we’re saving for future purchases like a house or car. There’s enough money in there to last us quite a while if once of us were to face unemployment but, of course, we’d like to stay as far away from that money as possible for as long as possible.

    Post # 6
    Member
    2622 posts
    Sugar bee
    • Wedding: November 1999

    We have savings, but its not necessarily “Emergency fund” Its more than we need for a downpayment when we move so the remainder will be general savings once again/emergency fund.

    This is different than our retirement savings (401Ks, Roths, pension, etc) or investments. We could hypothetically liquidate our investments if need be, but that is also earmarked as retirement.

    Post # 8
    Member
    1358 posts
    Bumble bee
    • Wedding: October 2012

    Unfortunately, Darling Husband and I are in a bit of a financial hole right now. It’s partly because of the wedding, but we had more than one surprise that drained our emergency savings. We are trying to get back on our feet, but we should have saved a little more for emergencies.

    In the past 6 months, DH’s car completely died and we had to buy a new car (in a rural area, public transportation is not an option). Then our lawnmower and vaccuum both went to appliance heaven. These things weren’t so bad and we figured oh, this is why we have savings, but then an uninsured driver hit my car, and our dog got really sick. Like, emergency-surgery-right-now-or-he’s-gonna-die sick, and letting him die was not an option unless it was for a chronic and painful illness (it was not).

    All of this combined with DH’s school loans means we have a bit more debt than we anticipated.

    We’re cutting back and pretty much only using money for bills, debt, food, and gas, and still trying to sock away a little bit each month for savings. We’re making it through, but I do wish we’d had more savings to deal with this. And we’re both employed! If one of us lost our job, we’d be effed.

    Post # 9
    Member
    2183 posts
    Buzzing bee
    • Wedding: November 2011 - Florida Aquarium

    We do, but not as much as we’d like. We could make things work pretty easily on one income with the other having something part time, though.

    Post # 11
    Member
    5221 posts
    Bee Keeper

    We have an emergency fund that could support us for 7-8 months, but Darling Husband works at a pretty secure job and him being let go is very, very unlikely. Right now we are house hunting, so those funds may contribute to costs, if need be. 

    Post # 12
    Member
    14445 posts
    Honey Beekeeper
    • Wedding: June 2011

    If one of us lost our job, we’d be ok.  If we both lost our jobs, we have about 6 months savings emergency fund.  Our cars are paid for and student loans are paid off, so we just have the mortgage.

    Post # 13
    Member
    3420 posts
    Sugar bee
    • Wedding: September 2014

    Right now no emergency fund. We are good, but heaven forbid I was out of work for a month. heaven forbid he lost his job. *crosses self* heaven forbid.

     

    Post # 14
    Member
    7311 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    We have 6 months of living expenses totally liquid (in bank accounts) and several more months of expenses in non-retirement investments that could be liquidated without penalty with 3 days notice to our investment manager. I’ve lived without a financial safety net, and it’s not a good feeling. It’s something I hope to never do again.

    Post # 15
    Member
    1856 posts
    Buzzing bee
    • Wedding: March 2013

    We are both PhD students so technically can’t lose a job, but our funding is dependent on us remaining in school of course. We don’t technically have an emergency fund but we have a little more than our combined yearly income in savings, so we could manage if one of us dropped out and lost our funding. It’s our slush fund for when I move and don’t have the right visa to work in his country though.

    Post # 16
    Member
    10453 posts
    Sugar Beekeeper
    • Wedding: February 2014

    I’d say we do. Between the two of us we probably have $60k or so in savings and liquid investments. More in long term stuff like bonds. 

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