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Emergency fund amount

30andcounting · 2019-04-11 13:31:08

Hi Just wondering opinions on what our emergency fund should be. We have about £1,500 a month on bills and food. We dont have any long terms savings as such, we blew it on a new boiler before Christmas which was £2,300. Just wondering what our target should be. My wife is self employed and I am the major bread winner. We…

Comments

firestone Posts: 520 Forumite

12 April 2019 at 1:24PM

it seems for most the 3 to 6 months yardstick is used but normally in context to redundancy.But sometimes ill health with you or your family can cause you to stop work(usually with no payout) due to being unable to work or having to look after someone.Having been in this position where we lost my wage and my partners at the same time,i now look to 12 - 18 months minimum in cash in case investments are not at a good point to sell

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