Emergency Fund

[Theda13]

How much would you need to have in your EF to think you have enough?

I have £3,100 in mine, but I still save small amounts into it each month. I really don’t know when to draw that line, if that makes sense…

I think there’s a general recommendation of 3 months salary equivalent, I think I recall reading.

3-6 months essentials.

We have £60k in accessible isas etc and £2K in current account, joint and £2-3 K in our own accounts

We have 3 months of spending, £18k. In reality, it would last longer as could economise on food, leisure, etc. I think about increasing to 6 months but our jobs are relatively secure and extra money is better invested/overpaying our mortgage for us at the moment.

We have around £2k each in our own accounts, £6k in our family savings accessible account and then everything else is in longer term investments, premium bonds and ISAs. So £10k immediately accessible.

I was furloughed and then made redundant during covid, and it took 7 months to find an equivalent role.
I keep 6 months money in my fund, so I got away with it - just.

It will depend how secure your job is, how much sick pay you get (or how long you continue to be paid if off sick), how much your household budget is dependent on one particular income, how flexible you can be if you lost your income, and probably lots of other things. There is no magic number that will apply to everyone.

We don't have one (and never have).
We have savings & investments but no named savings pots and/or funds.

We have a 10k emergency fund

Between several accounts we have nearly 200k. Kinda ridiculous I know. We have plans for some of it and will pay a chunk off the mortgage, and then save the rest.

I have about 6 months essential spending very easily accessible.

Dave Ramsey says 3-6 months of essential spending, with the 3-6 depending on things like job security and if you're a single parent.

Read his Total Money Makeover: I'm pretty evangelical about it because it changed my life.

The equivalent of six months essential expenses (£10k) but in all honesty with the way tech is advancing and the high-ish unemployment rate, I think £500k would be my ideal number to feel satisfied.