I bank at my company credit union which unfortunately is only open to family members. 1% is still good for the normal market but check around and see if there is a good credit union that you are able to sign up for. You never know what you can find!
I’m shooting for 3 months expenses (roughly $10k) by the end of the year. That would be best case scenario, if no major issues come up. That amount is just a buffer for now. I’d like to have more along the 6 months range in the future. Stopping at 3 months gives me some breathing room, but also (hopefully) shows the misses how much ground we can gain if we stick to the budget. I’d like to really start attacking my student loans again at the beginning of the year. In terms of how long it took, getting to that point by the end of the year would have taken the full year. That is with a few beach trips where we have already splurged a bit, and another big vacation that is planned for October.
Very similar boat! I’m also a federal employee with no kids! Also, I should be done with my student loan debt in November. Also, I managed to survive college while still appreciating ramen. Have you tried it stir-fried with some eggs for protein and frozen peas for a vegetable?
Last time there was a shutdown, I got to keep working (and getting paid), so I didn’t even consider that as a possibility, but who knows?
We don’t have an emergency fund per se, but a emergency plan, which I think is a better use of our resources. We have insurance for life’s crazy situations (car, home, medical, life). We have various accounts with various amounts of money like vacation fund, a tax account we save to pay our taxes at the end of the year we could “borrow” from, a savings account for bigger purchases (home improvements, etc), a months worth of expenses in our checking account, investments we can draw from, things like that. The largest amount we would really need barring some absolutely crazy situation that I can’t even think of would be about $6000 for a new ac. And we have a bare bones budget slashing plan if worse comes to absolute worse.
We don’t either…we have the insurances and I figure we can float credit cards if needed and then come up with the cash at the next pay check by contracting spending.
I wasn’t here yet during our last shutdown, but the coworkers I’ve talked to said they had to keep working (for no pay) and got a bigger catch-up paycheck after the fact
Edit: and yes, eggs go great with ramen! I used to put peanut butter in mine for shitty pad thai, lol
Hopefully it doesn’t come to that this time.
Haven’t tried peanut butter with ramen. Do you keep the flavor packet when you do that?
Oh hell yeah you keep the flavor packet! I came up with all kinds of questionable ramen recipes when I was hiking the Appalachian Trail, but I try not to eat the stuff anymore in “real life” except as a cold remedy or emergency rations, lol. Maybe everyone should keep some ramen in their emergency fund??
Ramen is a great emergency fund. Somedays, cooking is just not high up on the list of priorities.
I aimed for a 6 month fund, but then rounded it down to 20k because it was a nice number and I tried to pull it off in six months.
The official closing date of that six months is the 30th of June and it looks like I’ll have $15k. I’m pretty happy with that because it equals 3-4 months at normal spending, and I could happily stretch it to 6 if needed.