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Hit my first $10,000 emergency fund last Tuesday and it felt like a weight lifted off me
I have been putting aside $50 a week from my teaching paycheck for about four years now, and I finally crossed the $10,000 mark last week. That number means I can cover three months of rent and bills if I lose my job, which had always scared me. How did you decide on your target amount for an emergency fund?
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mark6761mo ago
Whoa congrats that's huge! I went with $15k myself because I live in a high cost area so I doubled up what most people say. Thing is I realized a lot of those "3-6 months of expenses" rules don't factor in things like needing new tires or a last minute flight for a family emergency. So I basically added a thousand bucks on top for "life happens" stuff, you know? Did you leave any buffer in yours for surprise costs?
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Did you subtract your buffer from your 10k or is that just sitting in your regular checking account waiting to be spent?
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