How Much Should I Have in My Emergency Fund

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Title	:	How Much Should I Have in My Emergency Fund
Lasting	:	11.10
Date of publication	:
Views	:	57 rb

I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made Great video!💜
Comment from : David Foresto

Most people who are in crippling debt didn’t have an emergency fund to begin with $1000 is more than they had before coming to Dave, so I don’t understand why they think it’s not enough when they’ve gone so long without it before 6-12 mos is more reasonable when high interest debt isn’t taking all of their income
Comment from : Shani Dantzler

One year after tax salary
Comment from : Mike Rizzo

Me personally I say it’s never enough Even if you have 20k drop a few dollars in there still and just keep building
Comment from : Dee Ruff

$2780 for rent? Good lord I pay $1737 for my mortgage on my house worth $450K
Comment from : Scott Long

Great explanationlove everything Except the Christmas lites by ur bedI have n left my outside the House all year now But thanks It hit me not to have an EFund at allTnks again
Comment from : Rene Cuevas

Don’t forget Cobra costs
Comment from : R P

On the journey to picking the right bank so I can start thanks for the info!
Comment from : EseMorro

I was out of work for about 1 month FASFA and pet sitting helped me out big time Sadly bills are currently to high for a true emergency fund but I'm trying to start one
Comment from : Peggy Bryan

If all you do is set aside $2 to $4 a week; even just $2; in five years you don't have to worry about buying a set of tires Plan other things like this too
Comment from : Michael Edwards

Why not 1 year net income?br2 or 3 years net income?brWhy are you limiting so much of your budget saving for your emergency fund? Who plans on getting cancer for a year and not the right insurance to provide income Nobody plans to have a Kosair child and he/she has so much medical costs Insurance doesn't pay you when you miss so much work or lose your job (again) for having to go to the school to your kid and your fmla is used up brbrSave and investbrIf I'm wrong,bryou can always go spend it
Comment from : Michael Edwards

You have to remember, he wrote total money makeover almost 20 years ago 1,000 had a little more buying power in 2003 than it does now
Comment from : Trucker Wife on a Budget

20k for me
Comment from : Olivia-Joan Iiyambo

Do your think a CD for your emergency is good or a bad idea
Comment from : Jennifer Selespara

We have the same faucet lol
Comment from : Julius

I’m starting to see every 10 years a crisis occurs I’ve survived a recession, Global financial crisis, COVID The larger the family the more money you need to save❤️❤️ nans rainy day fund is now an essential part of life for survival these days❤️
Comment from : I loveGreen01

I've always kept 1 years worth of expenses in my emergency fund, but that's because I ran a business that functioned on an annual cycle It always felt like overkill, but was so helpful to keep me sane during the pandemic when my main business got hit!
Comment from : How To Adult School

Thank you so much for this video I just graduated college and I’m trying to get my debt togethr
Comment from : Lilkieah Massaline

I would never stop putting money into a savings account Besides giving you peace of mind for practically any emergency, you now have flexibility to use some of it for something like a new car, a house, an extension to your house, etc
Comment from : David Gerstein

Emergency Funds are what you consider what the needs are forI support the underlying concepts rent utilities insurancefood but the last year has shown us that 6 months isn't nearly enoughEspecially if your finances are extremely tightFor those in the lower aspect, put away three yearsFirst year in a CD Ladder, the remaining two years in liquid mutual and index fundsThis is an "Emergency fund " right?? These are funds you won't frivolously dip into
Comment from : Kevin Rehberg

My emergency fund: 10k in my high interest savings account and 3k in my personal bank account(just to avoid the maintenance fee)brbrWhen to spend my emergency? Only when I lost my job or when I need to pay medical bills should I need medical attention
Comment from : GAO23

Plans changed for me really quickly and I ended up not being paid for 3 months My EF kept me comfortably afloat I wasn’t stressed since I knew I’d get paid again and still had some money left over
Comment from : lvs

25k for me Overkill probably but the peace of mind of it is extremely liberating
Comment from : Brad

Love your editing 💜💜💜
Comment from : Lee

As a single male, I feel singles should keep 12 month EF We rely on one income and don’t have the buffer of two After losing a dad and seeing how quickly money went in a terrible situation, I feel underfunded with anything less than 12
Comment from : HURT 1

Does my $1000 Baby Step 1 emergency fund roll into my Baby Step 3 fully funded emergency fund or do I keep it separate?
Comment from : Caleb Staniland

Jesus christ that rent payment
Comment from : Zach Hawkins

wait i love how you compared dave ramsey & ramit sethi because i hold both of their ideals 😭🥲
Comment from : Jonalyn Kairan

I'm in my mid 30s, I'm now saving for an EF I've been paying debt forever and now I'm debt free I just have to have the mind set my 6-month EF goal is a personal debt so I can have have the same energy to pay it off (have it fully funded)
Comment from : Da Feck

"You can never mess up an Emergency Fund by having too much" - Dave RamseybrbrDisagree I certainly think that the size of emergency funds will vary individually based on things like personal comfort level and the stability of your job But once you get past those thresholds it can become a drain to continue to put money in low yield savings accounts instead of investing that cash So yea, too much can become a drag brbrThe standard rule of thumb is 3-6 months of living expenses I opted to put aside the full six months largely because my income accounts for 80 of the household (and if I lost my position it'd be difficult to replace quickly) However, I additionally have a pile of cash that is routinely getting socked into indexed mutual funds in a taxable brokerage account In a dire case where I needed cash greater than 6 months I could always sell those equities But that'd be a pretty dire circumstance
Comment from : Candid Colin

People saying 9 months ! brThat’s $36000
Comment from : Steven Morris

Typical millenial pretending to be an expert and regurgitating videos/ideas from youtube
Comment from : hermitcrypto

If everyone had one the Government wouldn’t need to dish out the money during this pandemic!brAt least you won’t have to worry about how the government is going to get their money back!brWell done!
Comment from : Buy&Hold

i have 5k emergency in the vehicle budget i just started an urgency fund ($200) for the vehicles my coworker got hit from a red light runner whom claimed fault My concern is that the appraiser wont give me $500 Its in Jesus hands as i must learn to let go of this world 🙏🏻
Comment from : Wesley Groth

even before I know the concept of "EMERGENCY FUND" I already have spare money for 12 months ahead, beside money in my investment I just feel anxious if I don't save
Comment from : Hmtasty

Thanks so much 👍😄
Comment from : Dereck Henderson

Yep now I’m good for covid since I have 10k emergency fund Ty ☺️
Comment from : nicknaruto9

My emergency fund is cash $500 but ideally should be $1000 I have personal and house sinking funds for yearly expenses and replacement costs I am rebuilding my freedom account (was unemployed for a year) so only 1 mth expenses right now but Ideally 6 months plus 12 months $1000 cd ladders currently at 4 months
Comment from : Dilys Girl

how to get this find
Comment from : Stanley Dean

Not a millennial here (OK BOOMER)brbrI love your channel and just wanted to share about how I set up my daughters "EMERGENCY FUND"brbrShe recently graduated (May 2019) school of nursing and got a job locally I had her open a Ally savings account online and transfer as much of each paycheck as she felt comfortable She quickly accumulated $100000 in savings I had her split the money into two accounts brbr(1) as a "savings" accountbr(1) as an "Emergency fund"brbrAt the start of the new year (Jan 1st) I had her open a 12 month CD with 25000 and followed up with a new 12 month CD for each new month brbrAt the end of the year she "SHOULD" have about 3,000 in each of the savings accounts, and 12 - 25000 12 month CD's each coming due at the beginning of each month If she stays on target within another 4 years years it would grow to a very nice savings, Emergency savings, and 12 - 100000 CD's coming due each 1st of the month brbrWhat this does is give you a decent "savings account with a few thousand dollars, a very healthy EMERGENCY account with the same amount, and a very VERY nice 12 month rotating 100000 coming due the 1st of each month If you don't need the money let it roll over and add a little to it each month!!! brbrGood luck all!!!!
Comment from : Norm Knapp

The Money Guy channel says that you need to create an emergency fund like this How much time do you think it will take to find another job?
Comment from : Simon

We have 4 months of expenses and 2,000 for everyday oh crap what!
Comment from : Step One Finance

25, living in London and £45,000 in an emergency fund , without any inheritance Feeling much safer and I’d recommend it to anyone❤️
Comment from : Miss London

My opinion isif you're one of the blessed and fortunate millennials to still be employed during this corona-virus pandemic (ie-essential worker) 6 months of cushion is good Additionally, set some funds aside for an e-fund for your car Personally, I have $15k in my savings That's my e-fund, 10k for 6 months, 5k for car maintenance/issues 10k is broken down to 2k/month My rent is $1300 for a 1 BR/1bath, internet @ $55/month, lights and gas are $30/month (don't use much and everything is LEDs), gas is $60-100/month, slingTV and netflix sub @ $60/mo, and groceries is about $400/mo, haircut and laundry $40/mo, no car note, never had a student loan, I drive a paid off 2007 toyota prius, live 15 mins away from my job I earn 135k/year, and I'm a single father Pretty doable Take this time to learn a skill/trade that can't be automated, or outsourced Example, I'm a blue collar worker with just a HS diploma and I work for an electric utility company as a power plant operator, and I'm in school part-time to learn cyber-security People will always need power, that is as essential as essential gets Even essential workers need power Hospitals and healthcare workers need "lights on" to "see" what they're doing inside them ICU units Live simple, and get what you need, and INVEST the rest Cyber-security is growing and companies will always need some type of defenseThis also allows one to work remotely, great career option for those whom have growing aged children, which allows freedom and flexibility You know, like when they're @ school, you're @ home working, lol Please, I urge ppl to get off there asses and apply yourself Being debt-free is simple, but a task that you literally have to "condition" your mind to accomplish Great channel!
Comment from : W3sT@kTiv3

Great Video, but IMHO, I would suggest Not having all of the emergency fund in a bank I suggest keeping 3 months CASH in a hiding place at home, and 3months in a bank This is due to the possibility of a financial crisis whereas Banks are shut down, and I'm sure you are aware, ATM's DO run out of cash Just a thought
Comment from : Danny Phoenix

Dave's book is well worth a read specialty for anyone who has debtHis ideas are not the most logical because he has studied people not finance In a crisis people panic He is not a believer in multi tasking Focus on one task, solve it, and move on You have to listen to him to understand his point on only $1000 until your debt is paid off He wants you to be afraid Fear will push you to get out of debt faster He has you save 15 for retirement after you have your 3-6 month emergency fundMany people will look at their current situation and say no way and give up You must have a budget and look at your debt payments Are they 20 ? Car payment ? Student loan? Credit cards? Friends? If it adds up to 20 Learn to live on your current income making those payments When they are gone you have 20 Save it for 3 months emergency fund now covered Put 15 towards retirement and this leaves you 5 for other stuff in your plan Cash for your next car, refill emergency fund if used , save for children's collage if that is one of your goals The 3-6 month emergency fund keeps you from running straight to your retirement accounts in an emergency Most of those accounts will have penalties It will stop you from selling out with the 1st 30 loss in the stock market
Comment from : Thomas M59

Stopped watching at 4:06 Tyres getting worn down is something a person knows is coming, and so should have been setting money aside for, so is maintenance and replacement of a furnace These are NOT what your emergency fund is for They only become emergencies if you haven't done your due diligence and set aside the money in advance to pay for them when the time comes
Comment from : thebestwillow

Questions, i do have 6 months worth of emergency fund and have a stable job How should i keep this EF secured? In a savings account or something? i know we are not supposed to invest EF but this is a lot of money which is losing its value because of inflation
Comment from : barcaragu

You need an emergency fundbrbrDo whatever you can to make sure at least something goes into that EFbrAn emergency WILL come up, and being an emergency, you won’t see it coming Even if you’re paying off debt, don’t get satisfied even when you got that $1,000 Make it $1,100 and so onbrbrIm speaking from personal experience here I had $1000 which didn’t sound like much but I’m from a country where that itself could be a 2 month EF The reason my EF took so long to complete was because of the family emergencies that kept coming up (building threatening to collapse, avoiding bankruptcy etc) It might not have been much but it saved my family on many occasionsbrbrWhen I started my 1 year EF, people around me thought I was obsessed over money Now there’s a virus going on, I have a full-time job and 1 year worth pf expenses gaining interest in my bank and portfolio Who’s laughing now?
Comment from : Amy Amy

That rent number is insane Why would anyone live where it's that much, on purpose?
Comment from : Leslie A

G'day from Australia 🇦🇺brI'm 43 yo and I have $16,000 in my basics account to spend now in the present, and $62,000 in total in my reward savings account, which is for the future, l plan to not spend it until age 60 I'm still adding money to both accounts monthly So by age 60, l should have a total of $300,000 to spend And l have $13,000 in cash at home and $3,000 in gold and silver coins and nuggets, that l could sell for food Silver and gold will go up in value over time, while cash will devalue over time
Comment from : Carer Forever

I have $2K in savings + deposit $100 every 2 weeks while paying off debt
Comment from : hannahheartsbooks6

About 15 k is ok
Comment from : Philip Puglisi

I consider an emergency fund as funds I keep at home Good thing too My only emergencies are family or friends who run into issues I never consider it a loan because if they have to borrow than the'll never be able to pay it back I'm a realist
Comment from : Leo Paul

I really feel like he needs to spell it out that $1000 EF is for emergencies like new tires or a broken bone or a water heater leak I have no idea why people jump to "but it wouldn't cover sudden or sustained job loss" when it was never intended to Don't let perfection be the enemy of good!
Comment from : brittany

I'm with you on that 6 months! That's what makes sense for my situation
Comment from : Q Makes It Happen

I really appreciated this video Keep the content coming ❤️
Comment from : SattimasPlatform

After the Great Recessionand now with Covida 6 month emergency fund seems underfunded In 2017 (when the economy was good), the average time spent unemployed was about 625 months I recommend at least 9 months for a fully funded emergency fund
Comment from : Joseph Greer

I really enjoyed this Video! It’s great revisiting why $1000 is not enough, but a good start I love Dave Ramsey I call him Uncle Dave 👏🏽
Comment from : Planner Craving

I was hoping to get to €1500 before tackling my debt I was 150 away but with the virus and everything halt and I was laid off I'm hoping to aim for 6/9 months but not sure if that's enough I know if I focus on the needs and not wants It will last longer than 9 months
Comment from : Richard Smith

I think before this happened with the pandemic Dave had a good point about 1,000 emergency fund
Comment from : Sarah Wilson

Just subscribed to your channel Time to be aggressive with my EF, this pandemic and its effects just opened my eyes
Comment from : Nevaeh Luz

Job loss, pay cuts, yes, the car tyres and Furness should come out of a sinking fund under household, the last two are not unexpected, we know things wear down and could stop working so should not be taken as an emergency but planned for
Comment from : Rose Mary

Great job bringing in outside resources I was up to $1500 before this all happened but I couldn’t be more grateful for at least having that Love your videos!
Comment from : Ashley B

I am 2 payments away from finishing my debt snowball and being credit card debt free I have $1,000 in my emergency fund I am doing the 52 week money challenge, and starting the 1k in 6 months challenge in July I started sinking funds last month, and I am starting cash envelopes this month I will be starting furthering 3-6 months for emergency funds
Comment from : Deedeesaidso

I'm so glad I found you and dave ramsey a year ago! It has changed my life so much!!!
Comment from : Betty Calixtro

⭐️ great video
Comment from : Salena Richardson

I would not dismiss subscriptions so quickly as some cannot be cancelled on the spot
Comment from : mrachel3

Great advice! I was saving for my down payment and had two years of savings at one time and it felt so good to have that vision Now it’s much smaller since I’ve bought the property but you are right - find what makes you comfortable 6 months is mine as well!
Comment from : Nev in SF

Great viedo, I wish I was as money savy when I was your age :-) To me a Emergency Fund is to be used in case of a job loss only, since I'm older it might take longer to find another job, so I saved one year of living expenses It took me me a few years, but it makes me feel save However for all other emergencies (like a flat tire or medical bills) I have sinking funds in place Stay save!
Comment from : Jenny Banana

Amazing content!!! Thank you
Comment from : Ana Gabriele Spagnuolo

👏🏻👏🏻👏🏻👏🏻
Comment from : Ana Gabriele Spagnuolo

Panda Boss - Personal Finance & Bossing Life

You're just so pretty <3 love your videos too, you were a big motivation for me in getting out of debt and starting a channel :)
Comment from : Panda Boss - Personal Finance & Bossing Life