Comments on: New Study Outlines Importance of an Emergency Fund http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Miranda http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/#comment-190325 Miranda Tue, 17 Mar 2009 14:19:06 +0000 http://www.consumerismcommentary.com/?p=5626#comment-190325 We so often forget that there mental and emotional components to our money as well. A little peace of mind is often worth a little more interest to establish an emergency fund first. We so often forget that there mental and emotional components to our money as well. A little peace of mind is often worth a little more interest to establish an emergency fund first.

]]> By: Writer's Coin http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/#comment-190320 Writer's Coin Tue, 17 Mar 2009 11:19:55 +0000 http://www.consumerismcommentary.com/?p=5626#comment-190320 I will second this one. We're sitting on a huge pile of cash right now because of our wedding/down payment efforts and the feeling that pile gives us is like nothing else. We could both lose our jobs tomorrow and, while it would suck, it wouldn't be the end of the world. I will second this one. We’re sitting on a huge pile of cash right now because of our wedding/down payment efforts and the feeling that pile gives us is like nothing else. We could both lose our jobs tomorrow and, while it would suck, it wouldn’t be the end of the world.

]]> By: Roger http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/#comment-190312 Roger Tue, 17 Mar 2009 03:38:57 +0000 http://www.consumerismcommentary.com/?p=5626#comment-190312 This is one of those issues where human personality traits have to take precedence; even if the mathematical ideal process is to pay off high-interest debt first, the mental benefits are important and must be reconciled. This is one of those issues where human personality traits have to take precedence; even if the mathematical ideal process is to pay off high-interest debt first, the mental benefits are important and must be reconciled.

]]> By: Dan http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/#comment-190306 Dan Mon, 16 Mar 2009 21:26:04 +0000 http://www.consumerismcommentary.com/?p=5626#comment-190306 I've read some good advice from others that I think is sound: Money Priority #1 should be having $1000 emergency fund. Following that, the precise order of other money priorities are debatable and may vary case by case: paying down debt, funding a Roth IRA, saving more of an emergency fund up to the 3-6 month recommendations, etc. But that first $1000 (or $500 according to the study referenced here) is a comforting and paramount first step. I’ve read some good advice from others that I think is sound: Money Priority #1 should be having $1000 emergency fund.

Following that, the precise order of other money priorities are debatable and may vary case by case: paying down debt, funding a Roth IRA, saving more of an emergency fund up to the 3-6 month recommendations, etc. But that first $1000 (or $500 according to the study referenced here) is a comforting and paramount first step.

]]> By: Flexo http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/#comment-190301 Flexo Mon, 16 Mar 2009 17:39:05 +0000 http://www.consumerismcommentary.com/?p=5626#comment-190301 The most common advice I hear is three to six months' worth of all expenses. Rent, essential utilities, food, and transportation all count. I'd suggest having even more if possible when the job market is bad in your industry. You might want to check the results of this poll I took last year in combination with this article about the right size for your emergency fund. The most common advice I hear is three to six months’ worth of all expenses. Rent, essential utilities, food, and transportation all count. I’d suggest having even more if possible when the job market is bad in your industry. You might want to check the results of this poll I took last year in combination with this article about the right size for your emergency fund.

]]> By: JC http://www.consumerismcommentary.com/2009/03/16/new-study-outlines-importance-of-an-emergency-fund/#comment-190300 JC Mon, 16 Mar 2009 17:26:52 +0000 http://www.consumerismcommentary.com/?p=5626#comment-190300 How much should we have in our emergency fund? My friend told me 2 months worth of rent? Is that optimal? What about other costs and whatnot? How much should we have in our emergency fund? My friend told me 2 months worth of rent? Is that optimal? What about other costs and whatnot?

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