If you’ve been reading this blog for a while, you’ll know Stan and I are trying to build a 6 month emergency fund. We’re 42% of the way there. I think it was too lofty of me to think we could get there in a year. I’ll be excited if we get over 50% this year.
If you haven’t started building your own Emergency Fund, it’s never too late to start and it’s a great step towards financial security. And, what better way to start a fund than to win one?
Dave Ramsey will be giving away a $999 Emergency Fund every day until 9/18. And you can enter every day! Go HERE to enter.
(Thanks Cutting Coupon in KC!)
Good Luck!
Shellie loves to share her frugal finds to help you get more with less. A spender at heart, she balances her frugal lifestyle with the occassional splurge.
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I thought Simplemom.net’s post on this the other day was good. What does Dave say about how to calculate this amount exactly? Is it 6 months of what you spend each month on all your necessities and then extras (such as eating out or buying clothes)? Or is it 6 months of funds for the necessities only?
6 months of what you need to run your household if you had no income for 6 months. (Actually Dave says 3-6 months as the fully funded emergency fund.)
There’s no rigid formula, but as an emergency plan is meant to be used in an emergency, it’s better to be safe than sorry!
Keep at it, Shellie! We’re on step 7 of the baby steps.
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