How much should my emergency fund be while paying off debt?

R

robbaenglesmtzaid

New Member
Emergency Fund Goals?
I’m curious, and I’d really love to be encouraged by your current emergency fund goals. I currently have $3,200 saved, and my goal is to reach $5,000 by June while continuing to pay down debt.

What’s your current emergency fund (if you’re comfortable shraing), and what’s your goal for the first half of the year? Or are you prioritizing debt right now?

Would love to hear what everyone’s working toward!
 
Between my wife and me, we have about 70k in cash savings. We own two 2024 cars outright, paid for in cash, and our only debt is our house. No other debt. We’re in our mid 30s. We are so deeply, incredibly proud of this, because not long ago we had 30 grand in credit card debt and were completely buried.
 
My current goal is to get up to 1,000. Right now, we don’t have any.

Our ultimate goal is to have an emergency fund for 6–13 months of expenses. We also want separate funds for things like car and home repairs.
 
We’ve got $19k of $21k collected right now (~3 months of expenses), and we should finish it next month either by normal saving or our tax refund.

Once we finish, we’ll probably start saving up our annual vacation fund for the first time ($4k). After that, we’ll talk about hwo we want to allocate our savings to debt, retirement, and fun money. I’m thinking 70 23 7, since we’re in our late 30s and feel late to retirement.
 
I've read different amounts, but most say 3–6 months of expenses. My goal is to get to a year's worth. Put what you can away... even if it's $5 a month. You got this! What are you aiming for?
 
Goal 1: a $1,000 emergency fund
Goal 2: $1,000 for a house emergency fund
$1,000 for a car emergency fund
$1,000 emergency fund
Goal 3: 6 months of expenses saved up ($35,000 for me)
 
Honestly, we’re carrying a bank loan of about 60k, and we have a couple of cc to pay, too. I’m trying really trying to leave my cc at home, and I’m not going to fast food as much. (I still go.) I’m going to kkeep doing that, and I’m putting $$ into a retirement fund with a financial advisor. I also have a second account with him, for building the money to pay 1 bill (car insurance). I’m also working on putting enough aside for a trip in a couple years, and I’m waiting to use the money for other bills that come along (car repairs, or replacing things we need to replace). Over 8000 in that account (both are combined to get better interest). I’m also looking at doing some things differently with my spending habits it took me years to get into this, and I think it’s going to take time to change. Z a few days this past week or two, I left my debit card at home,
 
Back
Top