Cities
Des Plaines, IL
Naperville, IL
Niles, IL
Oak Park, IL
Oswego, IL
Plainfield, IL
Diet
Ideal Protein Protocol
Ideal Protein Alternatives
Keto Diet
Weight Watchers
Finance
Budgeting For Moms
Personal Finance
Interests
Cleaning Tips
Gardening Tips
Travel Tips
Marketing
Facebook Ads
Google AdWords
Search Engine Optimization
Tech
Arlo Cameras
Ring Home Security
Smart Home
SmartThings
☰
Login
Remember
Register
Budgeting For Moms Group
Questions
Popular
Tags
Users
Ask a Question
About
Budgeting For Moms
Questions
This might be a dumb question but what's the...
This might be a dumb question but what's the difference between a savings and an EF?
+6
votes
asked
Mar 1, 2020
by
insociable
(
7.4k
points)
This might be a dumb question but what's the difference between a savings and an EF? I feel like they are the same. I personally don't think $1, 000 EF is a lot for an emergency either. Am I missing something?
emergency
savings
Please
log in
or
register
to answer this question.
6
Answers
+8
votes
answered
Mar 1, 2020
by
benil
(
9.2k
points)
Best answer
EF is for whatever comes up that is an unexpected blow to your budget- the washer died, your tire needed replacing because you ran over something. Savings are for planned expenditures- like knowing that you tires have 1/4 life left on them and you’ll need to replace them in the next year (insert timeframe), so you save for the tires ahead of time instead of relying on credit to pay them.
Please
log in
or
register
to add a comment.
+8
votes
answered
Mar 1, 2020
by
liber
(
1.9k
points)
That’s just the minimum for an EF
Please
log in
or
register
to add a comment.
+2
votes
answered
Mar 1, 2020
by
ganof
(
1.2k
points)
Savings have a specific goal- depending on your own personal goals, are you saving for a house, vacations, college for your kids? Those are your savings. The emergency fund is just for that. And yes you may need more than $1000.
Please
log in
or
register
to add a comment.
+9
votes
answered
Mar 1, 2020
by
the10
(
4.1k
points)
Fully funded EF is 3-6 months expenses. But $1000 will offset most things that pop up for a start
Please
log in
or
register
to add a comment.
+6
votes
answered
Mar 1, 2020
by
hemocyte
(
16.5k
points)
Remember the $1k thing started with Dave Ramsey’s plan just to get those with nothing a cushion. It is a baby step. True EF is 3-6 months of expenses.
Please
log in
or
register
to add a comment.
+7
votes
answered
Mar 1, 2020
by
insociable
(
7.4k
points)
Thanks everyone! New to the budgeting world and it made no sense. Thanks for the help!
Please
log in
or
register
to add a comment.
The Budgeting For Moms Group
is where you can always find questions, answers, advice, reviews & recommendations from other community members about
mothers making smart financial decisions and budget goals
.
Most popular tags
money
credit
budget
husband
savings
payment
save
interest
account
paycheck
paid
student
house
payments
insurance
income
home
envelopes
bills
school
Related questions
+44
votes
39
answers
The answer to this may be obvious but I still want to ask!
asked
May 14, 2020
by
gabon884
(
450
points)
emergency
savings
husband
+4
votes
2
answers
What is the difference between sinking funds and extra savings?
asked
Feb 24, 2020
by
theressa
(
970
points)
envelopes
savings
budget
0
votes
0
answers
Ok y’all I have a question, do you think I have too many savings?
asked
Mar 5, 2020
by
anaclitic7191
(
1.5k
points)
emergency
savings
fund
0
votes
0
answers
? Do you have a regular savings and a emergency fund savings
asked
Mar 7, 2020
by
whenever
(
3.7k
points)
emergency
savings
fund
+2
votes
2
answers
This is probably a really stupid question and I think I know the answer but I've thought about it so long that I've confused myself.
asked
Feb 12, 2020
by
tarantella999
(
1.3k
points)
interest
savings
save
paid
...