Your Emergency Fund: Is $1,000 Really Enough?

Having an emergency fund is crucial on your financial journey and in life. But, is the $1,000 emergency fund enough to protect your family or should you have more?
  1. My emergency fund was my #1 financial priority and goal. I started building it when I was in high school. I also don’t think $1000 enough for an emergency fund. I have many months worth of income and an extra $10,000 for emergencies such as medical bills or repairs to my car.

  2. Lisa says:

    Do you establish your cushion first or your emergency fund?

  3. Steveark says:

    Great advice, emergencies happen with no warning, this whole covid19 thing is a great or a bad example of how your income can be interrupted or reduced from something nobody ever heard of before. And there is no shortage of things that can cost money that you can’t avoid, especially medical things, but so many others. Cars, refrigerators, heat and air breakdowns, the list is endless. Good advice, its hard and painful to set aside money when there doesn’t seem to be enough to go around but it is one step to financial success that is very necessary.

  4. GingerNinja says:

    When I started the baby steps, I actually decreased my emergency fund to use some of the $ to pay off my bills. It caused me a bit of stress, but I still kept $3K liquid in a separate savings account with a different bank than the one I regularly use to pay bills and such. I also felt as though with my child it was not enough to only have $1K. I still feel like $3K isn’t enough, but I will build it back up once all my debt is paid off.

  5. Marsha F. says:

    I never felt comfortable with only having the $500-$1000 in emergency fund and so I always made sure I had at least $2500 as a single women without children. I’ve been encouraged by your blogs and your YouTube channel. I also just completed your email course on budging and can’t wait to get my paycheck by paycheck planner. I’m happy to find your business Kumiko. Thank you for everything you do!!

  6. Debbie says:

    I agree with this SO much! I can certainly attest to the fact that $1000.00 is not enough if you have vehicles or a home to take care of. $5000.00 is a great amount to keep for peace of mind.

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