How Much Is Your "minimum" Emergency Fund?

Discussion in 'Financial Planning' started by OursIsTheFury, Jul 8, 2017.

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  1. OursIsTheFury

    OursIsTheFury Expert Member
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    I'm trying to start up some saved up money to another account that I will plan on using solely for emergencies; whether it's medical expenses, unemployment, or even a delayed salary and I need to pay the bills. I know the trick to saving is to never cut your total in half; and always add more than you spend. What's your minimum (in USD) that you have in your savings that you absolutely will not go under? I'm thinking about 200 USD per month, but I feel that won't be quick enough if I ever need an appendectomy or something. Thoughts?
     
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  2. GS AutoTech

    GS AutoTech Expert Member
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    Saving is a bit like going on a diet. Simple solutions that require alot of will power & commitment. Bite the bullet when it comes to unsecured debt, especially credit cards. Pay them OFF as fast as possible. The cash you save in interest alone can become the additional income stream you need to increase your savings. Along with that, learning how to live frugally & efficient will.also boost available savings.
    Some say having 2 months savings, that is enough cash to fully float your expenses if you are unable to work. To me that is a basic red line Minimum.
    Another question is where to park your money. Cash in a lock box is there when you need it but it won't grow. Savings accounts are a joke for the most part. Money markets can be an option as some have decent liquidity & returns.
    Silver has good potential right now.
    Become familiar with investments & find what works best for your situation.
     
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  3. Tom Williams

    Tom Williams Moderator Staff Member
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    We are lucky to be off grid on a farm that provides for us our bills are our phones and property tax we have no trouble paying these e deal in cash of all things we sell from gardens and feilds i kow i have money enough for my needs the mrs doesnt wnt for anything our hecks go to the bank direct and so e have a nice nest egg there which we cash out every so often so tax man cant take too big a bite we have a good safe here that holds the cash last i ws in it the was 20000 in it but that was months ago
     
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  4. Old Geezer

    Old Geezer Legendary Survivalist
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    What with our medical bills, plus backed-up credit bills for house-moving, plus funeral expenses, plus plus plus, we haven't got jack sh## to spare for anything. Speaking of which, I need to get some priest or shaman to come bless our very used vehicles -- can't afford repairs.

    One reason I grew a garden was because I needed to grow some of my own food. Zucchini bread and squash casserole is a significant part of our diet until we can get out from under these bills.
     
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  5. lonewolf

    lonewolf Legendary Survivalist Staff Member
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    an emergency fund is different to normal savings, mine's just for that period immediately after SHTF when cash is still accepted in the stores. limited use and limited time scale before the madness starts, after which i'm hunkering down and going nowhere.
     
  6. The Innkeeper

    The Innkeeper Master Survivalist
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    Most financial experts I have read say work up to three months salary saved as a minimum , 12 months is better.
     
  7. watcherchris

    watcherchris Legendary Survivalist
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    Reloading some 450 rounds of .40 S&W for my "Minimum Emergency Fund."

    Watcherchris
    Not an Ishmaelite.
     
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  8. Morgan101

    Morgan101 Master Survivalist
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    I am with Lonewolf on this one. There is a difference between an emergency fund and a normal savings account. The emergency fund is stashed in several places. There is no right or wrong number. Save what you can afford.

    A savings account should be at least 6-12 months of your net salary to tide you over through job loss or unexpected expenses; car repair, house repair etc. Advice: ;) Pay yourself first. Every time you go to the bank put 10% in a savings account. It doesn't matter if it is $1.00 or $1000.00. Put is in a savings account. You will be astonished at how fast it will grow.
     
  9. TexDanm

    TexDanm Shadow Dancer
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    To me, an emergency fund is what I would want on HAND if for some reason the money in banks and investments was for some reason unavailable. I will confess that I don't like to keep a lot of money in banks. The interest rates these days for regular deposits are ridiculous. At one point I had 25,000 dollars stored and safe from fires, floods and common theft in my home. My kids didn't know about it. Kids run their mouth and safety is in not having anybody much know what you have. I have a lot less at home now. In part, this is because I am well stocked with lots of guns, ammo, food, and tools and wouldn't need to rush and try to buy a bunch of stuff if something happened and in part that being retired I don't have the cash flow that I once had.

    I'm a loooong way from being rich or even well to do. I am a Blue-collar country boy that has known poverty. I learned more from the hard times about survival than in all my reading. That taught me the REAL difference between wants and needs. It is amazing how little you really need. Since then I have been a lot more focused on being prepared both financially and with possessions for hard times and disaster.

    I now have more money in coinage, silver, and a couple thousand in small bills. Total probably only about 5000 dollars on hand. Probably for most people I usually recommend about 500 in small bills and coinage. More if you can afford it but really I don't expect people to be making a lot of big expensive buys after TEOTWAWKI. I especially like dollar coins and silver dollars. After the fall THINGS will be worth more than money. But that is a different topic...
     
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  10. The Innkeeper

    The Innkeeper Master Survivalist
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    We try to keep enough on hand to cover at least our two funerals. I also always carry some cash, not as much as I would like but more than my wife feels comfortable with. That’s is separate from our basic emergency fund.
     
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