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A flat tire in Amarillo made me rethink my emergency fund, but is 6 months of expenses really the right target?
Two months ago I was driving through Amarillo on I-40 when my tire blew, and the tow plus new tire cost me $470 on the spot. I had $800 in my emergency fund, so it was fine, but it made me question the usual advice of saving 6 months of expenses. Some folks say you should keep a smaller $1,000 starter fund and throw the rest at debt, while others swear by a full 6 to 12 months no matter what. I get the math on both sides, but my gut says it depends on your job and your car. Where do you all land on this? Do you keep a set number or a certain number of months?
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wendy_bell8310d ago
Ugh, that Amarillo tire story hits close to home, doesn't it?
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