Ask The Readers: Do You Have An Emergency Fund?

Editor's Note: Congratulations to Rebecca R., C. Enderle, and Robin for winning this week's contest!

Everyone goes through financial rough spots. Whether you lose your job or have an unexpected expense, sometimes you end up having to spend more money than you budgeted for. Some people are prepared for these financial rainy days while others choose to just take things as they come.

Do you have an emergency fund?  Why or why not? Have you ever needed your emergency fund for a financial rainy day?

Tell us if you have an emergency fund and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — one for random comments, one for random Facebook "Likes", and another one for random tweets.

Mandatory Entry: 

  • Post your answer in the comments below 

For extra entries (1 per action):

  • Go to our Facebook page, "Like" us, and leave a comment telling us you did, or
  • Tweet your answer. You have to be a follower of our @wisebread account. Include both "@wisebread" and "#WBAsk" in your tweet so we'll see it and count it. Leave a link to your tweet (click the timestamp for the individual URL) in a separate comment.

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

  • Contest ends Monday, June 20th at 11:59 pm Pacific. Winners will be announced after June 20th on the original post and via Twitter. Winners will also be contacted via email, Facebook, and Twitter Direct Message.
  • You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
  • This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
  • You must be 18 and US resident to enter. Void where prohibited.

Note: Due to recent changes in Facebook's promotions guidelines, we have restructured the entry format of our giveaways.

Good Luck!

Disclaimer: The links and mentions on this site may be affiliate links. But they do not affect the actual opinions and recommendations of the authors.

Wise Bread is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.


Guest's picture
C. Enderle

Yes! My wife and I have a small emergency fund and are working our way up to a 3-6 month funded plan. Can't wait to get there!

Guest's picture
Guest

Not really. I have an account where I keep all of my available capital. It is flush right now, but when we buy a rental it drops significantly. We always try to keep maybe $5000 minimum on hand, in case something were to need replaced at a house exactly at the time of purchase on a new property.

Guest's picture

Yes! I started my emergency fund about 7 years ago and it completely changed my finances because I never have to worry about them anymore.

Guest's picture
Lani C

Yes, we have an emergency fund! I don't think I'd be able to sleep at night if we didn't.

Guest's picture
aeko

I have an emergency fund, prior to having one, if an emergency came up it went on a credit card. Don't do that anymore.

Guest's picture
Guest

I have an emergency fund! My bank account requires a minimum balance to avoid any charges - I try to forget about that money but I know that it's there in case of an emergency!!!

Guest's picture
Matt

Sure do.

6 months with no change in lifestyle, probably 8-11 if we start really squeezing.

Guest's picture
sarahnthropic

just started one last month! (only 1% of my income, but at least it's something!)

Guest's picture
Olivia

gratefully, yes, but not quite as big as we'd like

Guest's picture
Margaret

Currently no - everytime I've managed to accure a decent savings it has been wiped out (minor accident, change in insurance to "high deductible", etc.).

Guest's picture
Jimmy

Yes, I maintain an emergency fund to cover at least 6 months of expenses.

Guest's picture
Lynn

I certainly do. Life's curve balls would bowl me under if I didn't.

Guest's picture
Susan D.

Yes, I have an emergency fund. It's come in handy on several occasions. Until I reformed my bad financial habits, things like emergency room copays went on a credit card and took at least 3-4 months to pay off. Now it's not an issue. Phew!

Guest's picture
Lisa

Yes I do have an emergency fund. With having one income it is easier that way when emergencies come up. I feel more secure that way too.

Guest's picture
Lynda

yes i do! it makes life so much more stress-free (financially)

Guest's picture
Lynda

i like wisebread on facebook

Guest's picture
Lynda

tweeted http://twitter.com/#!/oshkoshbgosh123/status/80649046024396801

Guest's picture
Samantha B

Yes, we have an emergency fund. I never thought I had enough money to save enough for an emergency fund--then I lost my job less than a year after buying my first house/mortgage (I was single at the time). It was truly frightening--my total unemployment benefits were less than my monthly mortgage payment and I was out of work for 5 months. I scraped by, but as soon as I became employed again my first goal was building that emergency fund. I can't believe how much less stressed I am by having that money in the bank. Right now our fund is at the lowest I can tolerate it (6 months of living expenses) -- my husband and I agreed to move a portion of our emergency fund into our house down payment so that we could put 20% down. But we both agree that keeping the emergency fund "healthy" is as big a priority as contributing to our retirement funds and paying our other bills.

Guest's picture
Anika

I don't have an emergency fund but I really really wish I did. I just don't have any money at all :(

Guest's picture
Christie

Yes!! We're working on getting our emergency fund up to several months of necessities, but we're not there yet. We put money into it every month, rain or shine, and it does keep growing, slowly but surely. It's nice to have a cushion of cash on top of the money we save for car repairs, bills, etc...

Guest's picture
Debbie M

Sort of. I have a fund for car maintenance and repair which takes care of car emergencies. I also have one for home maintenance and repair. I have a fund for large expenditures (like vacations, computers and furniture) which could be used for emergency travel or unexpected opportunities. I have a (tiny starter) fund for health issues which could help with expensive illness or injury (plus I have a lot of sick leave saved up at work).

I do not have a fund for unexpected unemployment (though I could siphon money from the other funds). This is because I've had a stable job but a) it's not as stable as it used to be and b) I'm wanting to escape, so I wish I had one of these funds and will start building one when my mortgage is paid off (later this year).

And yes, I have used these funds for things like replacing the central air conditioning, replacing my computer, taking care of car repairs, visiting a friend while she had a postdoc in Switzerland, etc.

Guest's picture
Kanika

Yep! About six months worth.

Guest's picture
Guest

Yes, it's not too big though. I need to work on increasing it. The good thing my e-fund is at ING bank (an internet bank) so I don't have easy access to the money.

Guest's picture
Aaron

We are working on getting it up there!

Guest's picture
Kristy OT

Yes we do. It's been very difficult to maintain with my husband in school, but it's saved us more than once.

Guest's picture
Nicole Greene

Not really--I mean we are mostly paycheck to paycheck with no backup/emergency money---but that is definitely a goal we are working towards :)

Guest's picture
@angelmom037

We did have one, until my husband lost his job. Can't wait until he finds a new job so we can build it back up!

Guest's picture
Marcie Colleen

Yes, I have an 8 month fully funded emergency fund! :)

Guest's picture
Lynne

We have an emergency fund and if the recession doesn't come to the end soon my emergency fund will :D

Guest's picture
Nicole Greene

i follow on twitter @pittsy82 and tweeted http://twitter.com/#!/pittsy82/status/80654797228879873

Guest's picture
Nicole Greene

I "LIKE" you on fb (Nicole Pitts)

Guest's picture
@angelmom037

Already a fan of you on FB! :)

Guest's picture
Helen Stockwell

http://twitter.com/#!/helyn4/status/80655118307045376

Guest's picture
Kate

We do! A small one now, but we're trying to grow it to six months! But we also save for house projects, vacation, etc.

Guest's picture
Cindy Carlson @bobisyellow

I do have an emergency fund

Guest's picture
@angelmom037

http://twitter.com/#!/AngelMom037/status/80655843107934208

Guest's picture
Cindy Carlson @bobisyellow

like your facebook page

Guest's picture
Cindy Carlson @bobisyellow

http://twitter.com/#!/bobisyellow/status/80654796117393408

Guest's picture
Sara Smith

Yes, we do have an emergency fund that would cover 2-3 months of expenses. We want to have 8 months of emergency fund though. It's a slow process to get there.

Guest's picture
Cindy Carlson @bobisyellow

yes we have an emergency fund

Guest's picture
Hillarie

Yes, had one for many years now!

Guest's picture
Joye

yes we do and thankfully we have not had to dip into it that often

Guest's picture
T

It's only been in the last six months that I created an emergency fund. My income has always been unstable and the money was never available to put any away... in the last six months my income went up and my first priority was building a fund... happy to say I will reach my targeted amount this month.

Guest's picture
Robin

Yes, a small one, that we now need to tap into, as i lost my job 2 wks ago.

Guest's picture
Betty

Yes, I have an emergency fund. Thankfully, I haven't figured out what defines an emergency!

Guest's picture
Betty

Tweeted on twitter. http://twitter.com/#!/1bets1/status/80658362458587136

Guest's picture
Guest

I used to have an emergency fund, but found if I had money, the kids (28 and 30) always needed financial assistance, so other than about $2,000, I don't.

Guest's picture
SOUR

I try to keep an emergency fund of about $1000 Bucks in the bank. This usually will be able to cover most mishaps (car issues, hospital visit etc). It may sound like a lot of money to set aside for some but there are a lot of little changes you can make to add up to a chunk of change!

Guest's picture

i have an emergency fund which will support my current lifestyle for 16 months. and it didn't just show up. i sacrificed a LOT to build it up. buying food only on sale for 2 years, never eating out, no cable tv, cutting out AC use, the list goes on. it was hard-earned/saved

Guest's picture
Kristin

Yes, and I'm glad that it's finally up over the $1000 mark, though it needs to continue to grow. The only way we've been able to continually save is to put an automatic deposit into an ING account. Any other savings has been needed...and blown... :(

Guest's picture
Naomi

We don't have an emergency, but we are hoping to build one once we get a little more on our feet.

Guest's picture
Naomi

I also "Like" on Facebook.

Guest's picture
Kevin Eldridge

I have a Baby emergency fund and it has saved me on several occasions. Prior to this, "emergencies" would go on a credit card. Debt free is the way to be!

Guest's picture
Wendy

I have an emergency fund! I will have savings of 6 months soon, and I think I'll stop there for now since my job is steady in the foreseeable future.

Guest's picture
Guest

I have an emergency fund that accommodates for SOME urgent situations: emergency car repairs, emergency housing (hotel stays in the event of a fire or natural disaster). We've had to use our emergency fund for two major car repairs this year. Without that money on hand, we wouldn't have been able to afford the vehicle repairs or the rental car we used to get to and from work.

Everything else, we deal with it as it occurs and fortunately nothing drastic has happened to require our use of any additional funds.

Guest's picture
TTJJ

We have about 8 months saved...shooting for more.

Guest's picture
Amy

Yes, but it's not where it should be yet. My husband and I are working on getting 6-8 months worth of expenses saved up. Currently, we have only 2-3 months worth saved. We're expecting to be there by January.

It's currently saved as part of our high-yield checking account with our credit union, but once we have enough we are planning to move it to our straight-up savings account. It won't be quite as liquid but still plenty accessible in case of an emergency.

Guest's picture
Kris

Between car and house things, I tend to have about $5000 in emergencies every year. Having an emergency fund (which I keep funded) means i can pay for these in cash when they hit! It alleviates much stress

Guest's picture
Brad

Yes, we have about 10 months worth of savings in a Money Market account. Luckily we haven't had to use it recently, but there have been times when we've needed to dip into it for unexpected costs.

Guest's picture
D P

YES! Still not sure how much to have in it, tho

Guest's picture
leo0528

I do, although it isn't as big as I'd like it to be...yet :-)

Guest's picture
NJJ

Yes, I have an emergency fund. As shaky as the economy still is in my area. For me its imperative to have one

Guest's picture
NJJ

Wise Bread FB Fan C.j. Jennings

Guest's picture
Eddy Chen

Yes, we have an emergency fund, which is mostly comprised of money left over from our "wedding" and "furniture" funds.

Guest's picture
Eddy Chen

Forgot to mention that I also liked your post on Facebook!

Guest's picture
Betty

I liked your post on Facebook.

Guest's picture
Guest

Yep..it's necessary nowadays.

Guest's picture
Alex

Right now, no.

I wish I had a fully funded emergency fund, but it keeps getting depleted. At least it has been a buffer to keep me from using credit cards or other high interest debt.

Guest's picture
Ernest S.

I have one, though it's been hit pretty hard lately. We had a cross country move and a ton of home repairs which drained the bulk of our emergency savings. Though, I am very thankful that we had it (and am more motivated than ever to build it back up).

Guest's picture
Ernest S.

Also, just "liked" you on FB!

Guest's picture
Wendy

Tweeted my answer too! http://twitter.com/#!/wenzday01/status/80664920827506688

Guest's picture
Erica

Absolutely - about 6 months.

Guest's picture
GM

We don't have an emergency fund yet but I've added it to our budget for next month at 10% of our income.

Guest's picture
GM

I like you on FB.

Guest's picture
Jenny

My husband and I keep at least $1,000 on hand at all times but we generally have closer to $3,000 between our "padding" in the checking account, and our little vacation fund.

Guest's picture
Emily

I do. I always try to save as much as I can. I've fortunately never had to use much of my rainy day funds, but you never know what can happen. I always like to have enough for a "same-day" plane ticket in case I need to leave right away for a family emergency.

Guest's picture
Eric

I do have an emergency fund... some retirement money if I have to, and about $5000 in a savings account for overflow cash and/or education, loss of employment emergencies, etc.

Guest's picture
dawn parris

I have 3 months emerg. fund.Working on 6 months.

Guest's picture

i'd love to say i have an emergency fund, but i can't. in fact, this past friday my husband (and the sole wage earner) moved out so the whole money thing is crazy right now.

am going back to school next month and looking, looking, looking for a part time job... then again, who isn't these days?

Guest's picture
Guest

Yes - my husband and I have started banking my salary and we're living on his. It's only been a month so we'll see how long we can make it without dipping into savings!

Guest's picture
Elizabeth Moore

We do have an emergency savings account, which we add to every two weeks (on pay day). However, we are pulling from it constantly as we pay down our credit card debt (we aren't using our credit card at all, so it is indeed being paid down). The account isn't above $1,500 or so until the card is paid off, which should be by summer's end, at which point we hope to add to until we have six months of living expenses stashed away. ~Elizabeth

Guest's picture
Nancy Bird

Can't afford to have one!

Guest's picture
RebeccaP

Yes. We have a 6-8 month emergency fund.

Guest's picture
Nancy Bird

"Liked" you FB page!

Guest's picture
Nancy Bird

Tweeted
http://twitter.com/#!/goonyburd/status/80695939102281728

Guest's picture
Moski

Sure do! And building it up more and more every month!

Guest's picture
Maria S

I just have a savings account with no designated purpose that I can draw from during an emergency.

Guest's picture
Anna M.

We had an emergency fund, but we had to transfer the last of it into our checking account this morning to cover some unexpected expenses (tires, brakes, a medical bill). We'll (hopefully) start building it back up again in July.

Guest's picture
Lisa

In a perfect world I would have an emergency fund. Unfortunately I do not live in a perfect world!

Guest's picture
Sarah

Yes - we have an emergency fund. So important to have if you don't want to go into debt.

Guest's picture

Yes, we have an emergency fund but we want more, closer to 8 months. It's always on the goal list.

Guest's picture

like on facebook

Guest's picture

tweeted http://twitter.com/#!/Mama2Goosie/status/80710766885482496

Guest's picture
off

Yes. Five times my annual income. Could not sleep otherwise. How about you?

Guest's picture
Justine

Yes. We could comfortably live on it for 3 months, or scrimp and make it last 4 if we had to. I'd like to build it up to 6 months worth of expenses, but I've taken a break from saving for it to max out my IRA.

Guest's picture
Dave

I do have one! But, it's got nearly nothing in it =0(

Guest's picture
Therese

Yes, we have an emergency fund that we luckily have not had to use yet!

Guest's picture
Katie R

I don't have a true rainy day fund, but I do have liquid savings that could be accessed for any reason - want or need.

Guest's picture
Katie R

I tweeted! http://twitter.com/#!/carrotrunr/status/80719950653816832

Guest's picture
Matt

hells yes. never touch that money