Question

What do y’all think is a comfortable emergency fund amount for a family of 5.?  

Answer 1

Well “Emergency Fund” is for just emergencies. Not to live off of or pay huge bills. It’s just in cases. Different then say provision for 3-6 months for a family of 5. Just in case that’s what your thinking

Comments

@angel I think everyone has a different definition of emergency fund and that’s okay. If my husband was to lose his FT job, that would quite literally be an emergency and our emergency fund would kick in.  

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@ewens2993 great! That’s why I’d have 2 completely separate funds emergency funds , for literal emergencies as well as deciding U need to take some time off work or want to start your own business or whatever ☺️

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It is very interesting what everyone defines as "emergency. "  (I wouldn't couldn't the last few things as emergencies but hey you do you! )

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@ewens2993 . yea Im thinking if I could save enough to supply for 6 months. I would definitely begin to consider some rest time . Or career change. Without worrying about the couple months it would take to get it all together and running.  

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@angel that’d be great to have an emergency fund and 6minths put away but as of rn, I need to decide between paying down debt or having a EF, how much that EF should be and once I’m put a dent in my debt I’d like to roll that money into a 6-12month savings  

Answer 2

Multiply your monthly bills by 3.  

Answer 3

My husband and I have two separate emergency funds where we keep $1, 000 in each. I would say $1, 000 per person is reasonable.  

Comments

@fenelia I like that! My husband hasn’t jumped on the tbm wagon with me yet  I’m gonna just take $1, 000 from him and put it away for him  

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@neri32970 it’s a nice cushion to have especially when bigger unexpected expenses come up.  

Answer 4

Your bills and necessary expenses multiplied by however many months you want covered.  

Answer 5

We have about 6 months worth of the necessary expenses in our emergency fund. That number will look different for everyone of course but that is what we felt comfortable with, God forbid something were to happen. $1000 or $3000 or even $5000 wouldn't get us too far for too long.  

Comments

@ewens2993 I would def feel better about it if I had 6months put away, Im stuck between paying down debt or keeping that money there as cushion. I want but can’t have both so I’m trying to decide

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You can do both! Or, get yourself to 3 months then pay off debt and then build up the rest.  

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@ewens2993 true! Something to both is better than nothing to one or the other ‍♀️ I just wanna cross the finish line but I’ve barely passed the starting line  I just need to remind myself little progress is still progress

Answer 6

Our baby emergency fund (before we become debt free) is at $2000. We are a family of 6, almost 7. After we become debt free our fully funded emergency fund will cover 6 months of expenses.  

Answer 7

Our baby EF was 1, 000. Our EF now is 6 months expenses . Plus our sinking funds. Now that is bare bones on expenses, but covers us for living expenses, including the mortgage . Everyone’s number will differ greatly

Comments

@mystagogue I want so badly to have 6months put away, but 1-that so much & 2-I’m torn between paying debt or having a cushion. I’m not sure what’s more important to me first. I wish I could do both at the same time

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Una, you can get a cushion , then work on your debt . Once the debt is gone beef your EF up We paid off all of ours so we just finished with our 6 month EF

Answer 8

We are a family of 4 with 1 income. Our fully funded emergency fund will be 6 months of expenses.  

Answer 9

1k per person and 500 per pet is my rule of thumb

Comments

@shamblin First time I’ve heard this one and I like it! Thanks!  

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@shamblin I like it!  

Answer 10

We have a family of 4 but our kids don't have health insurance so we are aiming for $10, 000 for us. Plus we have 2 small dogs & want to get an er fund of about $2500 saved for them.  

Comments

Yep, we are aiming for $10k as well

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@shultz we are in Cali & to add our kids to our insurance would be over $1000 a month, thats just the premiums not including co pays or er visits .  thats a no go . its cheaper to pay the no insurance fine when we do our taxes . if they had insurance, we would be homeless.  

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@antifouling do you qualify for medi cal? How do you do annual check ups and shots and things? What if they get sick? Do you just go to emergency? Is your insurance through employer? I’m in California too and if my kids didn’t have insurance, I’d be homeless.  

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@antifouling Have you applied for CHIP? See  
https://www.insurekidsnow.gov/cover....html

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@emerson we make too much to qualify for medi-cal & covered California wanted over 300 a month. We save 150 per paycheck & it goes in out health cash envelope & we do urgent care visits if needed. Check ups & vaccines, we pay cash for those appointments

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@fredericksburg i haven't checked there. Ill definitely look into this on my lunch. Thank you!  

Answer 11

Ours covers 4 months of mortgage, cars and basic necessities

Answer 12

I would say 5-6 months of expenses. If someone gets sick or is unable to work you want to be able to pay the mortgage and light bill as well as have food on the table.  

Answer 13

Start with essential living expenses for 3 months. Only you know your expenses & what you consider essential.  

Answer 14

I'm single (but I own a business and my own home) and I've never had an emergency fund. I've started, through these challenges, saving for one. My initial goal is $1000 but my ideal (long-term goal) is $5000.  

Comments

@loos6705 that’s awesome! You can do it!  

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@loos6705 I'm single and did $5, 000 since im staying with family until I buy a house. Saving for my downpayment now!  

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The wonderful thing is that through TBM and all your support/encouragement I'm finally saving. so funding an EF is not just a wish. it's happening.  

Answer 15

Enough to cover 3 months of basic expenses

Answer 16

Essentials 3 to 6 months of expenses that's not netflix it's just house and stuff to keep us fed and lights /water /gas ect Another fund that is minimum 5% to 10% of every check this is our extended emergency fund - this is the last ditch effort meaning we have had an extended job loss trying to keep us afloat. We pray we never will ever have to touch this account. We are single income so 5% is about $215 and 10% $430 so it's not a ton of money but over years it gets to be a lot. I tend to out of sight this account

Comments

@selfcontained I want so badly to have enough money to pay off my debt, have an EF and have 6months put away, I wish I could do that all right now! Lol but realistically, baby steps! Lol, so I’m trying to decide what’s more important to me, 1-paying down debt, or having an EF cushion, once I’ve made a dent in my debt I’d ideally like to roll that money into a 6-12month savings

Answer 17

Our EF right now is 5000 but once we are able to I would love for it to be more to feel comfortable myself but I’m very happy with that right now. I would like to have 6 months of expenses in there eventually.  

Comments

@umlaut I agree! I think 6 months is a comfy number.  

Answer 18

We are a family of 5 and I have about 5. 5 months of our combined salary as EF

Comments

@carborundum that’s awesome! I can’t wait to be there too

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@neri32970 You got this!  

Answer 19

6 months of expenses when you have kids

Answer 20

I think every family's needs are different, medically and emotionally. I would feel that $1000/per person is a good start, but I would feel more comfortable with $2000/per person.  

Comments

@salep58148 Morales that’s very reasonable i think!  

Answer 21

Emergency fund is $1, 000. Should also have 3 months of living expenses saved.  

Comments

@cryotherapy agreed! I wish I had enough to do it all rn! Lol! I’m trying to decide what’s more important to me, 1-paying down debt, or having an EF cushion, once I’ve made a dent in my debt I’d ideally like to roll that money into a 6-12month savings

Answer 22

We (family of 6) did $1000 to start. Then we decided $150 each week would go to continue to grow savings and anything else would go toward debt.  

Comments

@throe/activity" class="qa-user-link">throe @throe/activity" class="qa-user-link">throe that’s amazing! I need my husband to catch up with the tbm wagon! lol. I like that 150 a week and the rest to debt! I’m gonna see if I can swing that!  

Answer 23

We are starting with one month and then focusing on paying off debt. Afterwards we will build to 6 months

Answer 24

I think it also really depends if you own your home or not. As a renter, I wouldn't have to cover any housing related emergencies like a water heater needing to be replaced. For me, I'm debt free and 3 months of necessary expenses is comfortable for now. But when I was paying off debt aggressively, it was about 1 month of expenses.