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Money and Finances
Reply to "Emergency fund if you have a "safe" job"
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[quote=Anonymous]We were poor immigrants with debt, lack of family support, and low paying jobs so we struggled for at least 5-6 years before we were financially stable. We did 3 months of emergency savings on a bare minimum standard of living for the longest time. For our adult kids though, we made sure that they had - no student debt, a new car, basic stuff to set up an apartment for independent living (furniture, housewares, leisure and travel gear, electronics) , and that they stayed home for 2 years and banked all their earnings before they left home. In today's economy and job market, my suggestion would be to have an emergency fund that covers 1 whole year of living expenses at least. And to do that, you need to track what you spend and have a good idea of your fixed costs. [/quote]
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