Do you have one?

Yes

How much is in it - both from an actual dollar perspective, and from a months-of-expenses perspective?

$75K (not sure how many months that would cover but at least 6); also keep a HELOC open (zero balance but could use any time if needed)

Where do you keep it?

Savings account (cash)

What is it intended for, i.e., how do you define an "emergency"?

Major calamity (job loss, serious illness, some sort of disaster not sufficiently covered by insurance)

Do you have a separate fund for unplanned yet expected expenses, like big home repairs, or do you lump it all together?

Something like a car repair, replacing an appliance, tree falls on fence and smashes it (not like that would ever happen ) etc. would come out of checking (I keep at least $20K in there as a cushion & then replenish it after those kinds of expenses)

Have you ever used it? What for?

No, have not used the "real" emergency fund b/c I keep extra in checking to cover "smaller" emergencies.

I am the one arguing AGAINST a traditional emergency fund (money market, savings or checking). I advocate relying on credit cards, personal loans, selling investments, etc.

I agree completely with the observations of the PP.

Now that I am relatively wealthy, I don't have the need for an emergency fund. When I was younger and poorer, I still didn't have one. I was taking a chance I suppose. But in the back of my mind, I suppose I was planning to rely on family if I desperately needed something. I was also living with family (no rent), healthy, single, and had a job that could only get better. Therefore my chances of facing an emergency was much lower.

I think the wealthier your are, the less you need an "emergency" fund because you usually have an array of investments and you can choose the best one to withdraw from if you need the money.

The less money you have, the more you need money dedicated to an emergency.

I do think one has to be realistic about their risks, though. If you have a stable job, are young, single, healthy, rent, and have a newish car, then you are likely to need less in an emergency fund than someone who has various illnesses, owns a home, has kids, a shaky job, etc.

Having said all that, I have about 3 months' in stable investments and the rest of my "emergency" fund is in mutual funds. But if push came to shove, I do have other options like a Roth IRA, credit card, 401k, etc.

We have $43K in an online account. That get us about 6 months about 6 months if we both lost our jobs, about 10 months if H lost his job or 14 months if I lost my job (but my job is extremely secure and a much smaller portion of our income). These numbers don't factor in the possibility of unemployment income. We also have a $10K account larger home repairs or other non-employment emergencies.

I get what you're saying PP, but I sleep better at night with a good-sized liquid fund (though mine is modest compared to many here, $30K). I have plenty else invested and exposed to market fluctuations.

PP, your reality is so far from my reality...I appreciate your advice but please realize that most of us aren't real estate investors beyond our primary residence.

I am taking the unique position that an emergency fund isn't necessary for many people.

So to all the people that feel so proud about having a six-figure emergency fund and listening to "expert" advice, I say that you are short changing yourself. If you chose my approach, you could have retired with an additional $100,000 or more in your account.

By the way, I do think it is important to have quick access to money. Not so much for emergencies, but for investment opportunities. If you are a businessman or a real estate investor, you want to have the ability to buy or invest quickly. Sometimes people need to sell expensive things (like a house) at a big discount. You are ready to jump on the bargain and profit from their desperation.