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

[Starmix]

Actually, I do not count on how much I will spend in six months time. But I try my very best ot to exceed to what I used to. Prices of the commodities do not go down, so it is us to adjust our spending.

 

[Stardom22]

For me l am usually saving like $50 monthly for the emergency fund. So that means l need like $900 for the emergency fund for the six months

 

[Starmix]

Only a very few can afford to save an emergency fund considering the economic situation that we have this time.

 

[Suba]

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.

Typically, an emergency fund is calculated not from income but from a person's expenses each month. If a single person has monthly expenses of around $600 per month, then at least he has an emergency fund of $3600 for 6 months, the bigger the better.

 

[Kross]

I think that $6000 would be enough for an emergency fund for me for 6 months. That's even because I am single. That can't sustain a family.

 

[Suba]

I think that $6000 would be enough for an emergency fund for me for 6 months. That's even because I am single. That can't sustain a family.

That's good, if you have set an emergency fund of around $6000, that's because you are single, so your expenses are around $1k per month, different for those who are married without children and different for those who are married and have children.

 

[arunima25]

It will depend on the lifestyle of the person, the stage you are in, your financial obligations etc. You have to see your monthly expenses with all financial obligations and also some surplus fund for any unseen emergency that might come.

 

[Springtime]

That depends on your monthly expenses and lifestyle. For me, I think I would need at least $6000 as emergency fund.