Living expenses savings.

**Russ** · 08-08-2008, 08:50 AM

I'm just curious as to how many people have one and how many months you are "holding".

Hasn't saving 6 months of your salary always been the school of thought?

**LexTysMommy** · 08-08-2008, 08:59 AM

I have about 3 months saved up in my EF. Just started this in March. Am working on getting 6 months quickly, then starting on retirement and trying to build up my EF slowly to a year.

**Russ** · 08-08-2008, 08:59 AM

Please add your thoughts on why so little or so much.

**IntlMom** · 08-08-2008, 09:01 AM

We have somewhere in the neighboorhood of a years worth...... too much if you ask me, I'd rather pay off the house ....but my dh just likes to see those big numbers on the statement!

**IntlMom** · 08-08-2008, 09:02 AM

Russ, how about you? I see my answer and LexTysMommy answer, but not yours

**Ceashels** · 08-08-2008, 09:04 AM

Right now we have maybe 1.5 months in our EF. We are contributing a little to it with Greebo's paycheck to help build it but everything else is going toward the debt. Our eventual goal is to have a minimum of 6 months in the Emergency Fund.

Our Living Expenses come off the top of the list so I hope I am interpreting the title and the posts correctly.

**Sonnenwende** · 08-08-2008, 09:08 AM

I have about $1200. I don't make a lot of money, but my goal is eventually $4k, which is enough for about three months or so.

**The Muse** · 08-08-2008, 09:09 AM

We've got about 2 years saved right now, but we're considering putting 1/4-1/2 of that towards mortgage principal once we get our employment situation sorted out (DH is without a contract and my job might be going overseas).

**Russ** · 08-08-2008, 09:09 AM

Originally Posted by IntlMom

Russ, how about you? I see my answer and LexTysMommy answer, but not yours

oops... I voted.

And 3 months is not my decision, it is my wifes. I myself would rather pay down debt and have a 1 month EF.

**TexasPeanut** · 08-08-2008, 09:10 AM

We don't have that much extra money a month to place into our EF, so it's a slow building one and we just started it not long ago. It's at only about 3 and a half months worth right now. However my living expenses(the necessities only) are probably far less than a lot of peoples. For example our mortgage is only a little over $300 a month and that includes taxes and insurance. (I wasn't kidding when I said we bought a cheap fixer upper house) So we aren't talking thousands of dollars we need to have saved up like most people. But it's a slow process, no doubt.

**Russ** · 08-08-2008, 09:14 AM

If you are building your fund, would you mind voting where you would like it to be?

**DJ1972** · 08-08-2008, 09:16 AM

As of now we have a baby ef, but still adding to it. I want my car paid off though, so throwing more money at that.
I would like to have 3 months worth in there.

**mombottoo** · 08-08-2008, 09:17 AM

Right now 2 months...but, that total doesn't include my WTH Fund or all of the money we have in our IRA or the checkbook balance which is actually more than the EF.

We have a substantial monthly income, so if something happened our checkbook could carry us through for quite a few months before we would have to tap the EF or the WTH.

**nuisance26** · 08-08-2008, 09:33 AM

~We have six months of living expenses. My FFEF will be technically complete when I transfer money from the checking to the savings this month. My EF only includes mortgage, taxes, insurance, utilities, transportation, food and medical deductibles. For us, that's $9000/6 months. We are a one income family of 4. I've always felt comfortable with $4500 in savings and we've never had to use it but I decided to try the DR way.(My DH loves seeing the big numbers too!)~

**elphie** · 08-08-2008, 09:46 AM

We have six months in the EF. (a little over $15 k). Dh is our sole earner and has a job that could leave us vulnerable if we aren't careful. He works construction and has worked steadily for the last 10 years or so but we like to be prepared in case of extended lay off or an injury that would keep him from working.

The only debt we have is our mortgage and a 0% car loan so we feel the money is best kept in the EF. The mortgage is far below the value of our house and we are on track to pay it off early and the money in the EF earns while the car loan doesn't cost us a thing. The car is also worth far more than we owe and has a high resale rating so we could get out from under it if we ever needed to.

For us the EF is peace of mind that we will never be living paycheck to paycheck, never be in danger of losing our home or having to decide between paying the electric bill or buying food.