Comments on: Reader Poll Results – 6 Months Worth Of Expenses And The Emergency Fund http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 11:44:22 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Mark Nelson http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122634 Mark Nelson Sun, 27 Jul 2008 11:23:13 +0000 http://www.ncnblog.com/?p=1330#comment-122634 I tell people at the minimum they need $5000.00 plus a $1000.00 for each person in the household. So my family needs $9000.00 in an emergency fund. Now that is not everything we have set aside but that money is in an account where I can easily get my hands on it. I tell people at the minimum they need $5000.00 plus a $1000.00 for each person in the household. So my family needs $9000.00 in an emergency fund. Now that is not everything we have set aside but that money is in an account where I can easily get my hands on it.

]]> By: Craig http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122357 Craig Sat, 26 Jul 2008 07:54:35 +0000 http://www.ncnblog.com/?p=1330#comment-122357 As I understand it, the emergency fund is for 3-6 months of regular day to day expenses such as groceries and utilities. As a missionary we have had to work through this on a different level. Not just expenses but emergency evacuation funds as well. Ideal for us would be $10,000 but we are not there yet. We recently started living on a NCN basis, so we gotta keep on keeping on in case an emergency evac is needed. Craig As I understand it, the emergency fund is for 3-6 months of regular day to day expenses such as groceries and utilities. As a missionary we have had to work through this on a different level. Not just expenses but emergency evacuation funds as well. Ideal for us would be $10,000 but we are not there yet. We recently started living on a NCN basis, so we gotta keep on keeping on in case an emergency evac is needed.

Craig

]]> By: Jody http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122111 Jody Thu, 24 Jul 2008 12:54:57 +0000 http://www.ncnblog.com/?p=1330#comment-122111 This year I started getting way more serious about my personal finances and started hearing about having an Emergency Fund and I figured I should save $5,000;however, the more I learned about what an Emergency Fund really was the more I knew $5,000 wouldn't cut it. This article got me to actually run the numbers and yikes, to be truly protected for 8 months, I should have an Emergency Fund of $15,000. This year I started getting way more serious about my personal finances and started hearing about having an Emergency Fund and I figured I should save $5,000;however, the more I learned about what an Emergency Fund really was the more I knew $5,000 wouldn’t cut it. This article got me to actually run the numbers and yikes, to be truly protected for 8 months, I should have an Emergency Fund of $15,000.

]]> By: Holly http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122045 Holly Thu, 24 Jul 2008 00:44:01 +0000 http://www.ncnblog.com/?p=1330#comment-122045 Which six months? You need to be able to handle your highest six months. Most of my big annual expenses come due in the first part of the year. Property tax, income tax, insurance, holiday bills. Later in the year, expenses are lower because there are no big ticket expenses. My emergency fund has to cover the worst case. If your big expenses are spread out it's less of a concern. Which six months? You need to be able to handle your highest six months. Most of my big annual expenses come due in the first part of the year. Property tax, income tax, insurance, holiday bills. Later in the year, expenses are lower because there are no big ticket expenses. My emergency fund has to cover the worst case. If your big expenses are spread out it’s less of a concern.

]]> By: SingleGuyMoney http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122043 SingleGuyMoney Wed, 23 Jul 2008 23:53:04 +0000 http://www.ncnblog.com/?p=1330#comment-122043 I agree with the Ken and GM. I just finished funding my Emergency Fund to last at least 8 months. If I lost all of my income, I would need at least $2500 a month to take care of the basic necessities. P.S. I like the new site design! I agree with the Ken and GM. I just finished funding my Emergency Fund to last at least 8 months. If I lost all of my income, I would need at least $2500 a month to take care of the basic necessities.

P.S. I like the new site design!

]]> By: Ken Montville http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122028 Ken Montville Wed, 23 Jul 2008 20:49:00 +0000 http://www.ncnblog.com/?p=1330#comment-122028 I agree with GM. People cannot live on $8,000 for six months. That's like saying you can live on $16,000/year (net) or $32,000/year gross (if you're very liberal about the amount of taxes, insurance, etc. that might come out of one's pay check). That's pretty unrealistic unless you're living in an extremely low cost area with extremely low expenses. I'm in the MD Suburbs of DC and my mortgage, utilities, gas auto repair, food, auto insurance, home maintenance (minimum) and on an on would run me close to $4,500 to $5,000 a month and I don't have an extravagant lifestyle by any means. I agree with GM. People cannot live on $8,000 for six months. That’s like saying you can live on $16,000/year (net) or $32,000/year gross (if you’re very liberal about the amount of taxes, insurance, etc. that might come out of one’s pay check). That’s pretty unrealistic unless you’re living in an extremely low cost area with extremely low expenses.

I’m in the MD Suburbs of DC and my mortgage, utilities, gas auto repair, food, auto insurance, home maintenance (minimum) and on an on would run me close to $4,500 to $5,000 a month and I don’t have an extravagant lifestyle by any means.

]]> By: gm http://www.ncnblog.com/2008/07/22/reader-poll-results-6-months-worth-of-expenses-and-the-emergency-fund/comment-page-1/#comment-122002 gm Wed, 23 Jul 2008 15:18:16 +0000 http://www.ncnblog.com/?p=1330#comment-122002 25 to 30K for a six month emergency fund sounds right if mortgage is around 1.5k, insurance another 1.5k, food expenses around 1k plus other expenses 1K. 25 to 30K for a six month emergency fund sounds right if mortgage is around 1.5k, insurance another 1.5k, food expenses around 1k plus other expenses 1K.

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