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Serious question, has anyone else's emergency fund hit a number that felt too high?
I just checked my savings and saw I have $18,500 sitting in a high-yield account. I started it three years ago with a goal of $10,000. It feels weird to have that much cash doing nothing but earning a little interest. Part of me thinks I should invest a chunk, but the other part likes the safety net. What's a realistic number to keep on hand before moving money elsewhere?
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parker_palmer4416d ago
Hey, I read a good rule of thumb is 6 months of your actual expenses, not your income. So if your monthly bills are $3k, that's $18k right there. Maybe calculate that and see if you're over?
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susanb3416d ago
Wait, your monthly bills are only $3,000? That's amazing. Mine are almost double that just for the basics.
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milesk2716d ago
That rule always stresses me out. My emergency fund is basically just my dog's vet bill savings with extra steps. One dental cleaning wiped half of it last year.
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