I've been noticing in reading debt reduction and personal finance blogs that most if not all have as a goal for 2008 to increase their emergency fund. By significant dollar amounts. This got me to wondering: How much money do people keep in their backup accounts? (Please take my poll)
My emergency fund is also my home improvement, vacation, IRA fund. I have $325 per pay payroll deducted into this account. I don't have an ATM card or checks for this account and although it's not very far away it's not terribly convenient to stop at. The balance is usually around $2000-$3000. Right now it is higher because I didn't go anywhere for vacation and the home improvements I did this summer I was able to pay for from my regular paychecks.
I'll call the credit union today or next week and request a check withdrawal for my 2008 IRA contribution and the account will be back down to it's normal balance.
If I don't go anywhere in the spring for vacation, I'll withdrawal some of the money and deposit it in my mutual account which is my new car fund. I have $300 withdrawn from my checking account each month for that fund but am thinking about increasing the amount for 2008.
How much do you have in your emergency fund? Do you have an emergency fund? Why or why not?
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