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What do you think is the right amount of savings for an emergency fund (x months)?

Austina

Ideal_Rock
Premium
Joined
Feb 24, 2017
Messages
5,011
:shock: :-o I can’t believe how expensive tuition is in the US.

When my DS went to university to do his BSc, it actually cost us less than his previous school fees. When he did his Master’s degree IIRC it cost us 5000 GBP.
 

seaurchin

Brilliant_Rock
Joined
Nov 2, 2012
Messages
1,773
I know there are general rules of thumb but I think how much emergency fund is necessary or the best use for those funds depends on a lot of factors.

For ex., how much are your monthly expenses, is there another earner in the home, do you have a nice sized credit limit, do you have investments that can be easily liquidated, do you have parents or etc. who don't mind helping you out in a pinch, etc.
 

asscherisme

Ideal_Rock
Joined
Mar 6, 2006
Messages
2,882
:roll::-o:oo_O That is so high so obviously a lot couldn't afford to go to college and universities.

It really varies and state school (in state tuition) vs state school out of state tuition, vs private makes a huge difference.

I got my masters degree in my 40's at a state school with in state tuition and paid just under $25,000 total including books.

My daughter and son's bachelors degrees were about $100,000 each for in state tuition at a state school.

It is still insanely high.
 

sprinklesparkles

Shiny_Rock
Joined
Jan 6, 2020
Messages
150
If you have any debt at all, or are in a heightened risk state I'd go for 9 months to a year liquid before investing beyond your standard 401k. Especially if you have children.

I agree about the cost of education in the US being ridiculous. I went to a state school and worked full time simultaneously in order to be able to pay it off by graduation.

I'm very lucky to now have a 6 figure income and no debt. That rarely happens and I wouldn't have been able to manage it if I had to be repaying school loans this whole time.

It's a mess.
 

Grymera

Shiny_Rock
Joined
Nov 26, 2017
Messages
160
Interesting responses here. We have about 3 months and it's a bit anemic but we have no debt other than the mortgage which helps, I think. I'd like 6 months because like @winnietucker another car is on the horizon and I'd want to pay it off in full.

We're young and also do about 80-90% stocks.
 
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