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[quote=Anonymous][quote=Anonymous]6-12 months expenses depending on how secure your incomes are. Should be based on necessary expenses, not necessarily what you're currently spending if there are things you could easily cut back on. [/quote]

This.  We have/had 12 months liquid assets as a combined emergency fund and general use fund.  When I was unemployed, I found that despite job hunting for a couple of hours every day, I still had several hours of time to do more household chores.  Being able to shop multiple places for discounts, cut coupons, cook in (we had eaten out much more when we were both working), clean (stopped the monthly cleaning service), etc saved us a significant amount of money.  With about 35% of our monthly expenses going to the mortgage, I was still able to cut the remaining monthly expenses about in half and so we were only spending about 2/3 as much while I was unemployed.  Also, filing for unemployment, while not a lot, helped a little.  So after being unemployed for 6 months, we only used about 3 months worth of our emergency fund.[/quote]

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