Until I started to read personal finance blogs, I had never even heard of the emergency fund concept. I had read a few books about money, but none of them advocated it either. Now however, everything I read tells me I need one!
And I totally agree. I never really gave it much thought when I was younger. When something happened or went wrong, my parents would take care of it and I didn’t think much about or how it was solved. Now though, that I’m a little bit older, I can see why an emergency fun is absolutely imperative!
I am extremely blessed in regards to the benefits that my job offers, including full medical and dental coverage. Therefore, I don’t need to have spare money sitting around in case of a medical emergency. However, things can still happen! I’m not left with a lot of spare cash each pay, as I send all of my money to either bills or to savings accounts. Which means, if something we to happen unexpectedly, I would definitely need the use of an emergency fund!
My emergency fun is only around $800 right now, but I’m working on it! Ultimately, I’d like one around $10 000. However, that’s a long time in the future. For now, I’m aiming for $1500 and then I’ll continue to work at my other goals.
How does everyone else feel about the emergency fund? How big are yours?
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