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How much money do you need for a six-month emergency fund?

freelancermaria

freelancermaria

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I am not entirely sure how to go about saving for a six-month emergency fund because I'm just getting started. Haha. On the other hand, I have heard that they figure out how much to save for an emergency fund by adding up all of their monthly expenses plus an additional 20 to 30 percent. How about you?
 
It all depends on the income of the person. If his income is below poverty line he can never have an emergency saving. Those who good salaries rely on their medical insurance, ours in Ph the PHILHEALTH, or SSS. It's still better to have an emergency fund.
 
You have to understand your living expenses first of all to start planning for an emergency fund. There won't be a specific amount for everyone. It varies from person to person depending on their lifestyles.
 
It depends on your health and whether you have any dependent relative, have to travel. In the last few months I am traveling every month due to medical reasons and I have to spend far more on travel expenses, like air tickets and medicines.
 
Starmix said:
It all depends on the income of the person. If his income is below poverty line he can never have an emergency saving. Those who good salaries rely on their medical insurance, ours in Ph the PHILHEALTH, or SSS. It's still better to have an emergency fund.
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Yes, it depends. If he or she is a minimum wage earner, it can be hard to build an emergency fund. That is one of the problems of most Filipinos.
 
freelancermaria said:
Yes, it depends. If he or she is a minimum wage earner, it can be hard to build an emergency fund. That is one of the problems of most Filipinos.
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That is right, many oldies are struggling financially because they are old and have no pension. They did not have a work when they were

younger, they never see the future as risky and scary.
 
Fidelia said:
You have to understand your living expenses first of all to start planning for an emergency fund. There won't be a specific amount for everyone. It varies from person to person depending on their lifestyles.
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Yes, I need to calculate whether I can add additional money to my emergency fund. However, given the instability of my current online work, I intend to put in any amount.
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AruneBend said:
not sure how much it depends on their lifestyle if it is emergency you could live in not so good conditions so you won't need thousands of dollars
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Yes, I think so, too. Maybe just enough to cover the monthly expenses for 3 to 6 months. Hehe.
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neku said:
It depends on your health and whether you have any dependent relative, have to travel. In the last few months I am traveling every month due to medical reasons and I have to spend far more on travel expenses, like air tickets and medicines.
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Yes, if I become ill, it is prudent to save more money for an emergency fund. That's why I'm currently updating my skill set.

Oh, I am sorry to hear this. Airline tickets can be costly:(
 
Of course, each person will have a different amount of emergency fund, depending on their monthly expenses, and also depending on their marital status. if single for only 6 months, married without children 12 months, married with one child 15 months, etc.
 
Augusta said:
Saving is a personal race so when it comes to emergency fund savings it depends on the person income you have to consider that.
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Saving is not determined by your income, but by your expenses each month. It's useless even if your income is $10k every month but your expenses are bigger so you can't save. So even though I only have an income of $200 per month but my expenses are only $160, I can save 20%.
 
Suba said:
Saving is not determined by your income, but by your expenses each month. It's useless even if your income is $10k every month but your expenses are bigger so you can't save. So even though I only have an income of $200 per month but my expenses are only $160, I can save 20%.
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You are putting it in a different way though. Savings also has to do with your income because you don't save from abstract you should save from your income. Expenses are created by individuals. it is in your hands to lower your expenses. If you are earning low then you should go for less expensive things which could be your rent, clothing, groceries etc
 
Augusta said:
You are putting it in a different way though. Savings also has to do with your income because you don't save from abstract you should save from your income. Expenses are created by individuals. it is in your hands to lower your expenses. If you are earning low then you should go for less expensive things which could be your rent, clothing, groceries etc
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Even though income will be the first measure, the determining factor for saving is expenditure or consumption. If it is formulated as S = Y – C, the bigger C, the smaller S will be and vice versa. so if at least if Y=C, you can't save.
 
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Stardom22 said:
The truth of the matter is that you can only save what remains after paying all the expenses and consumptions for the whole month. lf nothing remains and you still owe some additional money you can never save no matter how much is your income
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Yeah, but I think it is a wrong idea to save money from what remains after expenses why not take out your savings and manage with what's is remaining that way you would living according to your means
 
eLdavis said:
For me though I don't have a specific method I use in calculating this though, I simply save something extra for emergency.
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You are not wrong with that the most thing is that we are saving or setting aside some money in case of emergency.
 
Augusta said:
Saving is a personal race so when it comes to emergency fund savings it depends on the person income you have to consider that.
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You are absolutely right. It is important to take your income into consideration when building an emergency fund. If you do not earn a lot, saving can be a challenge, but it is still worth trying to put something aside. Even a small amount can make a difference in an emergency.
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eLdavis said:
For me though I don't have a specific method I use in calculating this though, I simply save something extra for emergency.
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No problem at all. However, it is always wise to allocate a portion of your income to your emergency fund. With time, you will be surprised by how much you have saved, and this will give you peace of mind.
 
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