A month ago, I asked my readers to share their ideas about emergency funds, how much money it takes to cover 6 months worth of expenses, and the best place to stash emergency fund cash. I’ve been amazed by the response to the poll. More than 1000 readers have voted – and almost 50 left detailed answers in the comments section!
Here is a quick summary of the poll results, as of July 22, 2008.
For most folks, six months worth of expenses is somewhere between $8,000 and $25,000. But, for many, their goal is more than $30,000! That’s pretty interesting.
As for where to keep the emergecny fund, most opt for an online savings account, a few use a regular savings account, and still others use money market accounts from their local banks.
Because of the poll’s popularity, I’ve decided to keep it up for another month. So, if you haven’t already, head over, cast your vote, and leave a comment.