How Much You Should Have in an Emergency Fund

How much if anything, do you have in your emergency fund? Clark has a way for you to be better prepared for the inevitable rainy day.
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[@A2thaLO]

Total wisdom. When I became a single mom last year, I stopped the pity party and found a new job that provided a $16k raise. I immediately increased my savings for our emergency fund. I pay God first and then myself to ensure that I can provide for my daughter, my dog, and me. You've gotta start somewhere, even if it's $5 dollars a week.

[@freethinkeralways]

Unfortunately, when emergency happens, often u get hit with all at once: sickness, job loss, car repair, house catastrophe. Wishing u all unexpected wonderful amazing events & no bad things ever! ♥️

[@MsArtistwannabe]

I was shocked when I found out two of my coworkers had zero in savings. I couldn’t live like that. I’m low income but still had a small saving for emergencies.

[@Billy-eq6sc]

a $100K is my ER Fund. Why? I have been really sick, lost my job, got divorced, got caught up in the child support system. Before I had only a few thousand and the result was that I was on food stamps, and living in my car for months. But, it is not just an ER fund, because most of the time you need to reinvent yourself, which takes time. So, now I have 3 online businesses and work as a Consultant and have money in gold & silver, and a little in the bank.

[@AnnaSzabo]

This is the wisest and most relatable comment on the internet in my 41 years of life. I relate 100%

[@ziggy29]

I personally feel comfortable with 6 months of living expenses as that "oops" fund. That said, start with something like $1,000 as your goal. Then, maybe, a month of expenses. Then 2 months, and so on. If your immediate goal is 6 months when you are starting from zero, you may get discouraged, decide there is no way to get there, and stop trying. But $1,000 may feel like an achievable start. Small victories can lead to bigger ones, and it's why many recommend a "debt snowball" that works on paying off the smallest balances first. That can give a psychological feeling of victory that can encourage you to continue.

[@noreenn6976]

Agree @ziggy29

[@rnt45t1]

I'm still amazed the legend Clark Howard doesn't have more than 75K subscribers.

[@2Rugrats9597]

Because they don’t want to do the right thing and live day to day

[@KC-dr3cg]

I am listening to every podcast about frugal ideas to chisel every dime possible for the unexpected.

[@snapdragon2441]

I had this last year, part of roof needed replacement, car broke down and had to purchase a new one plus numerous other problems. I had an emergency fund so managed to get through without having to get a loan. Now I have nothing left, starting to build it back up again slowly.

[@chemquests]

The unexpected is inevitable

[@maryhorwitz845]

3-6 months of your monthly expenses

[@ejames6431]

You are spot on Clark.💵💰

[@rickmorris3955]

Clark nailed it once again.

[@JMeV]

My emergency fund is just about depleted, last yr had 8,000 wrth of medical bills, and now this yr I got hot w a tax bill

[@KC-dr3cg]

ME, TOO. At the last minute the state legislators decided to keep taxing social security after announcing in May that it would not happen

[@tubeyv7325]

@Clark n Clark Team...Thx. for great analysis n tips!-;() 🎉❤ Love all y'all do for us and keep information coming!-🎉 Stay thrifty, always!🎉❤

[@elroco4827]

As of now I try to stash away $150 a week. If I work overtime, I put more up. I'm also trying to have multiple streams of income. I'm seeking the knowledge now. I'll get there!

[@kckuc310]

3 years at least

[@appleztooranges]

3-6 months doesn’t apply during recession. Should be 3-6 years

[@mfbikle]

So save $260 yearly.. Hope you don’t have any emergency expenses come up during that time.. I’ll stick to saving $1k+ each month

[@thatguy7085]

Now it had better be years of stay alive money.

[@bunnybubs757]

Mr Clark, are banks closing , 250k people in danger .. which is minority .. any concern for the poor man

[@patrickpaes6653]

no zipper

[@AlanDeRossett]

Moves from my prior 6 months ER to new goal of 18 months because of Pandemic also grow some of my own food, and have created new online income streams of passive income in case of next Election debacle. Ditching all Gas and going to a fiscally sustainable solar energy future. I'll buy zero fossil fuel by 2024.