The February poll is now officially closed. Many thanks to everyone that took the time to vote. The question was how much do you have in your emergency fund? What the poll showed didn’t match up to what I have been reading about savings. Several articles I have read have said that people just aren’t doing a good job with savings. The “pros” suggest that you have three to six months of living expenses in liquid accounts to fall back on in case something goes wrong. From the tone of the articles they make it seem that most people don’t have a rainy day fund. But, from the way people voted not everyone is forgoing the emergency fund. (I would guess that people who spend time reading financial blogs are more likely to have an emergency fund in place or be actively funding one. But like I said it is just a guess). This (unscientific) poll showed a full 63% of voters had at least three months or more of readily available cash.
3% of voters clicked on “Am I supposed to have one?” Let me address that, “Umm…YES.” Only 18% reported that they have less than one month set aside. Another 12% of voters were in that one to two month category. 21% of people have at least three to four months on hand. 15% said they were in the five to six month group. A big fat 27% of people taking the time to vote said they were sitting with over six months of living expenses stacked up in piles. 3% reported that they consider their home equity line of credit a good substitute for a “traditional” emergency fund.
Do you think that readers of financial blogs are more likely to have an emergency fund or at least be actively working on it?
That’s it for today. Here’s to solid rainy day funds and to keeping an eye on your EveryDay Money.